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Palatin Technologies Announces New Strategic Objectives and Reports Third Quarter 2008 Financial Results
Date:5/13/2008

d March 31, 2008, compared to a net loss of $6.7 million, or $(0.09) per basic and diluted share, for the same period in 2007. Total revenues for the quarter ended March 31, 2008 were $747,000, compared to $3.1 million for the same period in 2007.

The decrease in the net loss for the quarter ended March 31, 2008 compared to the quarter ended March 31, 2007 was primarily attributable to the reduction in development expenses for bremelanotide, the Company's drug previously under development for the treatment of male and female sexual dysfunction.

For the quarter ended March 31, 2008, Palatin recognized $0.7 million of contract revenue related to its collaboration agreement with AstraZeneca AB. In the comparable quarter of 2007, Palatin recognized $3.1 million of contract revenue, primarily related to the reimbursement by King Pharmaceuticals, Inc. of bremelanotide development costs pursuant to the companies' collaboration agreement, which was terminated in the quarter ended September 30, 2007.

Total operating expenses for the quarter ended March 31, 2008 were $6.0 million, compared to $10.2 million for the comparable quarter of 2007, primarily due to lower development costs of bremelanotide.

Palatin's cash, cash equivalents and available-for-sale investments totaled $17.6 million as of March 31, 2008.

Conference Call / Webcast

The Company will host a conference call today at 11:00 a.m. Eastern Time to discuss its strategic restructuring and its third quarter financial results. Individuals interested in listening to the conference call live can dial 1-888-221-3884 (domestic) or 1-913-312-1433 (international). A live webcast of the call is available online at http://www.palatin.com. A telephone replay will also be available approximately one hour after the completion of the call. To access the telephone replay, dial 1-888-203-1112 (domestic) or 1-719-457-0820 (international), pa
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SOURCE Palatin Technologies, Inc.
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