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

in the forward-looking statements for various reasons, including, but not limited to the Company's ability to fund development of its technology, ability to establish and successfully complete clinical trials and pre-clinical studies and the results of those trials and studies, dependence on its partners for certain development activities, need for regulatory approvals and commercial acceptance of its products, ability to recommence marketing and gain commercial acceptance of NeutroSpec(R), ability to protect its intellectual property, and other factors discussed in the Company's periodic filings with the Securities and Exchange Commission. The Company is not responsible for updating for events that occur after the date of this press release.

PALATIN TECHNOLOGIES, INC.

Consolidated Statements of Operations

(unaudited)

Three Months Ended Nine Months Ended

March 31, March 31,

2008 2007 2008 2007

REVENUES:

Licenses, grants

and contracts $746,957 $3,090,036 $10,467,523 $11,768,247

OPERATING EXPENSES:

Research and

development 4,561,047 8,128,584 16,296,268 29,821,764

General and

administrative 1,480,167 2,021,734 5,468,229 5,239,142

Total operating

expenses 6,041,214 10,150,318 21,764,497 35,060,906

Loss from operations (5,294,257) (7,060,282) (11,296,974) (23,292,659)

OTHER INCOME (EXPENSE):

Investment income 197,199 348,337 908,290 899,711

Interest expense (14,136) (9,223) (44,834) (32,411)

Total other income,

net 183,063 339,114 863,456 867,300


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SOURCE Palatin Technologies, Inc.
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