Palatin Technologies Announces New Strategic Objectives and Reports Third Quarter 2008 Financi...( CRANBURY N.J. May 13 /- Palatin T...)

CRANBURY, N.J., May 13 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (Amex: PTN) today reported its financial results for the third quarter ended March 31, 2008 and announced new strategic objectives as part of a restructuring of its clinical-stage product portfolio and development programs. Palatin will continue to develop products targeting melanocortin and natriuretic receptors in the sexual dysfunction, obesity, and cardiovascular fields, including acute hospital care products for use in treatment of acute systemic hypertension, congestive heart failure and hemorrhagic shock. The restructuring focuses the Company's resources on the programs and opportunities that management believes are most likely to increase shareholder value. Additional details will be provided by management in a conference call today at 11:00 a.m. Eastern Time.

Strategic Restructuring

Palatin has undertaken a strategic restructuring with the following elements and objectives:

-- Following a detailed evaluation, including review of regulatory and

commercial information and data on its new melanocortin compounds under

development for sexual dysfunction, Palatin has discontinued

development of bremelanotide for the treatment of male and female

sexual dysfunction;

-- Developing bremelanotide as a therapeutic drug for treatment of

hemorrhagic shock and related indications (shock induced by blood loss,

such as secondary to surgery or trauma);

-- Initiating a Phase 2A study this quarter with PL-3994, Palatin's

natriuretic peptide receptor A agonist compound, in patients with

controlled hypertension;

-- Initiating a Phase 2A study of PL-3994 durin
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