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Palatin Technologies, Inc. Reports Third Quarter Fiscal Year 2012 Results; Teleconference and Webcast to be held on May 14, 2012
Date:5/14/2012

CRANBURY, N.J., May 14, 2012 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE Amex: PTN) a biopharmaceutical company developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential, today announced results for its third quarter ended March 31, 2012.  Palatin reported a net loss of $6.0 million, or $(0.17) per basic and diluted share, for the quarter ended March 31, 2012, compared to a net loss of $3.8 million, or $(0.17) per basic and diluted share, for the same period in 2011. 

The increase in net loss for the quarter ended March 31, 2012, compared to the same period last fiscal year, is mainly attributable to costs related to Palatin's ongoing Phase 2B clinical trial with bremelanotide for Female Sexual Dysfunction (FSD), which commenced in June 2011.

REVENUE
Revenues for the quarter ended March 31, 2012 were $23,996, compared to $61,294 for the quarter ended March 31, 2011.  Revenue consists of contract revenue under its collaboration agreement with AstraZeneca.

COSTS AND EXPENSES
Total operating expenses for the quarter ended March 31, 2012 were $6.1 million compared to $2.7 million for the comparable quarter of 2011.  The increase in operating expenses for the quarter was primarily due to costs related to Palatin's ongoing Phase 2B clinical trial with bremelanotide for FSD.

CASH POSITION
Palatin's cash and cash equivalents as of March 31, 2012 were $8.8 million and current liabilities were $3.4 million.  Cash and cash equivalents as of June 30, 2011 were $18.9 million with current liabilities of $2.8 million. 

Palatin believes, based on its current operating plan, that its cash and cash equivalents at March 31, 2012, will be sufficient to fund its operations through March 31, 2013.

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SOURCE Palatin Technologies, Inc.
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