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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

28,22972,342Interest expense(1,830)(1,974)(6,650)(5,607)Increase in fair value of warrants-(1,257,691)-(1,257,691)Gain on sale of securities-58,956-119,346Gain (loss) on sale of supplies and equipment1,700(7,466)4,700(5,666)Total other income (expense)5,825(1,189,193)26,279(1,077,276)Loss before income taxes(6,020,702)(3,805,878)(13,068,118)(10,144,091)Income tax benefit--1,068,233637,391NET LOSS$   (6,020,702)$  (3,805,878)$  (11,999,885)$  (9,506,700)Basic and diluted net loss per common share$
(0.17)$
(0.17)$
(0.34)$
(0.65)Weighted average number of common sharesoutstanding used in computing basic and

diluted net loss per common share34,900,59122,832,10934,900,59114,669,131 

 PALATIN TECHNOLOGIES, INC.and Subsidiary

 Consolidated Balance Sheets

(unaudited)March 31,
2012June 30,
2011ASSETSCurrent assets:Cash and cash equivalents$
8,770,249$
8,869,639Accounts receivable16,600131,149Prepaid expenses and other current assets673,393261,947Total current assets9,460,24219,262,735Property and equipment, net583,2111,305,331Restricted cash350,000350,000Other assets59,233254,787Total assets$
,452,686$
21,172,853LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Capital lease obligations$
21,856$
34,923Accounts payable557,902496,908Accrued compensation80,728374,094Unearned revenue-46,105Accrued expenses2,776,3911,854,007Total current liabilities3,436,8772,806,037Capital lease obligations25,63842,186Deferred rent81,981132,855Total liabilities3,544,4962,981,078Stockholders' equity:Preferred stock of $.01 par value – authorized 10,000,000 shares;Series A Convertible; issued and outstanding 4,997 shares as of March 31, 2012 and June 30, 2011, respectively5050Common stock of $.01 par value – authorized 100,000,000 sharesissued and outstanding 34,900,591 shares as of March 31, 2012and June 30, 2011, respectively349,006349,006Additional paid-in capital2
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