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

(3,805,878)$
(2,020,937)$
(9,506,700)$
2,443,873Basic net income (loss) per common share$
(0.17)$
(0.20)$
(0.65)$
.20Diluted net income (loss) per common share$
(0.17)$
(0.20)$
(0.65)$
.20Weighted average number of common shares outstanding used in computing basic net income (loss) per common share22,832,1099,987,32314,669,1319,575,314Weighted average number of common shares outstanding used in computing diluted net income (loss) per common share22,832,1099,987,32314,669,1319,646,791PALATIN TECHNOLOGIES, INC.and SubsidiaryConsolidated Balance Sheets

(unaudited)March 31,2011Pro-formaMarch 31,  2011June 30,2010ASSETSCurrent assets:  Cash and cash equivalents$   22,032,649

$   22,032,649

$
5,405,430  Available-for-sale investments-

-

3,462,189  Accounts receivable-

-

2,879  Prepaid expenses and other current assets539,361

539,361

393,313Total current assets22,572,010

22,572,010

9,263,811Property and equipment, net1,511,892

1,511,892

2,388,365Restricted cash350,000

350,000

475,000Other assets253,403

253,403

261,701Total assets$   24,687,305

$   24,687,305

$
2,388,877LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:  Capital lease obligations$
9,393

$
9,393

$
9,670  Accounts payable 386,261

386,261

155,795  Accrued compensation211,941

211,941

-  Unearned revenue70,796

70,796

-  Accrued expenses1,208,920

1,208,920

2,219,466Total current liabilities1,897,311

1,897,311

2,394,931Capital lease obligations -

-

14,284Warrant liability6,370,555

-

-Deferred rent258,161

258,161

661,389Total liabilities8,526,027

2,155,472

3,070,604Stockholders' equity:  Preferred stock of $.01 par value
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SOURCE Palatin Technologies, Inc.
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4. Palatin Technologies Receives Notification Letter from NYSE Alternext US
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