Palatin Technologies Announces New Strategic Objectives and Reports Third Quarter 2008 Financi...(1582027 2420837 Accrued compe...)

Accrued compensation 715,036 941,300

Deferred revenue, current portion 1,916,669 4,864,833

Total current liabilities 5,474,714 9,564,705

Capital lease obligations and notes

payable, net of current portion 180,371 275,126

Deferred rent, net of current portion 1,597,647 1,966,628

Deferred revenue, net of current portion 6,388,886 12,443,087

Total liabilities 13,641,618 24,249,546

Stockholders' equity:

Preferred stock of $.01 par value -

authorized 10,000,000 shares;

Series A Convertible; issued and

outstanding 4,997 shares as of

December 31, 2007 and June 30, 2007 50 50

Common stock of $.01 par value -

authorized 150,000,000 shares; issued

and outstanding 85,204,169 and

85,126,915 shares as of December 31,

2007 and June 30, 2007, respectively 852,042 851,269

Additional paid-in capital 207,648,737 205,875,438

Accumulated other comprehensive income 62,098 -

Accumulated deficit (197,337,143) (188,195,069)

Total stockholders' equity 11,225,784 18,531,688

Total liabilities and stockholders'

equity $24,867,402 $42,781,234