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Palatin Technologies, Inc. Reports Third Quarter Fiscal Year 2011 Results
Date:5/16/2011

er Palatin's research collaboration and license and clinical trial collaboration agreements with AstraZeneca as a result of the successful completion of the research collaboration portion of the agreements, and secondarily to a non-cash, non-operating expense of $1.3 million, which represents the increase in estimated fair value of the warrant liability.  

RevenueFor the quarter ended March 31, 2011, Palatin recognized $0.1 million of contract revenue under its license and collaboration agreement with AstraZeneca, compared to $2.6 million for the same period in 2010.

Costs and ExpensesTotal operating expenses for the quarter ended March 31, 2011 were $2.7 million compared to $4.6 million for the comparable quarter of 2010.  The net decrease in operating expenses for the quarter was primarily due to Palatin's previously disclosed realignment of resources and reduction in staffing levels in 2010.

Cash positionPalatin's cash and cash equivalents were $22.0 million as of March 31, 2011, compared to cash, cash equivalents and investments of $8.9 million at June 30, 2010, with current liabilities of $1.9 million as of March 31, 2011 compared to $2.4 million as of June 30, 2010.  

The increase in cash and cash equivalents is attributable to Palatin's previously announced completion of its $23.0 million public offering in which Palatin sold 23,000,000 shares of its common stock, Series A warrants to purchase up to 2,000,000 shares of its common stock, and Series B warrants to purchase up to 21,000,000 shares of its common stock.  The net proceeds to Palatin, after deducting underwriting discounts and commissions and other offering expenses, were approximately $21.1 million.  

The Company believes, based on its current operating plan, that its cash and cash equivalents as of March 31, 2011 will be sufficient to fund its operations through at least calendar year 2012.

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