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Palatin Technologies Receives Notification Letter from NYSE Alternext US
Date:12/30/2008

Company Expects Its Common Stock to Remain Listed While it

Engages in Compliance Process

CRANBURY, N.J., Dec. 30 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (NYSE Alternext US: PTN) today reported it received notice from NYSE Alternext US LLC (the "Exchange", formerly known as the American Stock Exchange), advising Palatin that it is not in compliance with certain conditions of the Exchange's continued listing standards under Section 1003 of the Exchange's Company Guide.

In a letter to Palatin, the Exchange stated that Palatin was not in compliance with Section 1003(a)(ii) of the Company Guide because Palatin's stockholders' equity is less than the required $4,000,000 and it has losses from continuing operations and net losses in three of its four most recent fiscal years and not in compliance with Section 1003(a)(iii) of the Company Guide because Palatin's stockholders' equity is less than the required $6,000,000 and it has losses from continuing operations and net losses in its five most recent fiscal years. The letter from the Exchange also stated that because the Company's stock has been trading below $0.25 per share over the last seven months, the Exchange deems it appropriate for Palatin to effect a reverse stock split in accordance with Section 1003(f)(v) of the Exchange's Company Guide.

Palatin intends to submit a plan of compliance by January 23, 2009, advising the Exchange how it intends to regain compliance with Sections 1003(a)(ii), 1003(a)(iii) and 1003(f)(v) by July 23, 2010. If the Exchange accepts the plan, Palatin may be able to continue its listing during the plan period through July 23, 2010, subject to periodic review by the Exchange to determine if it is making progress consistent with the plan. If Palatin does not submit a plan, or if the Exchange does not accept the plan, or if Palatin does not regain compliance with Sections 1003(a)(ii) and (iii) by July 23, 2010
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SOURCE Palatin Technologies, Inc.
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