Palatin Technologies, Inc. Reports Fourth Quarter and Fiscal Year End 2009 Results; Teleconference and Webcast to be held on Septemb...(ion of revenue from AstraZeneca. Revenu...)

COSTS AND EXPENSES

Total operating expenses for the quarter ended June 30, 2009 were $4.5 million compared to $6.4 million for the comparable quarter of 2008. For the year ended June 30, 2009, total operating expenses were $18.7 million, compared to $28.1 million for the prior year. The net decreases in operating expenses for the quarter and year just ended were primarily due to strategic restructuring and refocusing of Palatin's clinical-stage development programs, partially offset by increases for clinical costs associated with Palatin's agreements with AstraZeneca.

CASH POSITION

Palatin's cash, cash equivalents and investments totaled $7.8 million as of June 30, 2009, compared to $12.8 million at June 30, 2008. Subsequent to the fiscal year end, Palatin received $2.8 million in net proceeds from the August 2009 offering.

Conference Call / Webcast

Palatin will host a conference call and webcast on September 8, 2009 at 11:00 a.m. Eastern Time to discuss its fourth quarter of fiscal year 2009 financial results. Individuals interested in listening to the conference call live can dial 800-776-0816 (domestic) or 913-312-0854 (international), passcode 1405577. The webcast and replay can be accessed by logging on to the "Investor/Media Center-Webcasts" section of Palatin's website at http://www.palatin.com. A telephone and webcast replay will be available approximately one hour after the completion of the call. To access the telephone replay, dial 888-203-1112 (domestic) or 719-457-0820 (international), passcode 1405577. The webcast and telephone replay will be available through September 15, 2009.

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