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

Loss before income

taxes (5,111,194) (6,721,168) (10,433,518) (22,425,359)

Income tax benefit - - 1,291,444 778,308

NET LOSS $(5,111,194) $(6,721,168) $(9,142,074) $(21,647,051)

Basic and diluted

net loss per

common share $(0.06) $(0.09) $(0.11) $(0.30)

Weighted average

number of common

shares outstanding

used in computing

basic and diluted

net loss per common

share 85,204,169 78,052,712 85,195,179 73,329,042

PALATIN TECHNOLOGIES, INC.

Consolidated Balance Sheets

(unaudited)

March 31, June 30,

2008 2007

ASSETS

Current assets:

Cash and cash equivalents $14,223,326 $31,447,615

Available-for-sale investments 3,385,752 2,323,642

Accounts receivable 338,870 607,841

Prepaid expenses and other current assets 707,261 1,008,464

Total current assets 18,655,209 35,387,562

Property and equipment, net 5,478,267 6,070,226

Restricted cash 475,000 475,000

Other assets 58,926 848,446

Total assets $24,867,402 $42,781,234

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Capital lease obligations and notes

payable, current portion $281,840 $216,841

Accounts payable 979,142 1,120,894

Accrued expenses
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SOURCE Palatin Technologies, Inc.
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