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Palatin Technologies, Inc. Reports Fiscal Year 2008 Second Quarter Results; Teleconference and Webcast to be held on February 11, 2008

CRANBURY, N.J., Feb. 11 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (Amex: PTN) announced today financial results for the second quarter ended December 31, 2007. Palatin reported a net loss of $3.8 million, or ($0.04) per basic and diluted share, for the quarter ended December 31, 2007, compared to a net loss of $6.5 million, or ($0.09) per basic and diluted share, for the same period in 2006. Total revenues for the quarter ended December 31, 2007 were $743,000, compared to $3.7 million for the same period in 2006. As of December 31, 2007, the Company had cash, cash equivalents and investments totaling $22.8 million.

The decrease in the net loss for the quarter ended December 31, 2007 compared to the quarter ended December 31, 2006 was primarily attributable to the reduction in research and development expenses related to bremelanotide, the Company's drug under development for the treatment of erectile dysfunction and female sexual dysfunction.


For the quarter ended December 31, 2007, Palatin recognized $0.7 million of contract revenue related to its collaboration agreement with AstraZeneca AB. In the comparable quarter of 2006, Palatin recognized $3.7 million of contract revenue, primarily related to the reimbursement by King Pharmaceuticals, Inc. of bremelanotide-related development costs pursuant to the companies' collaboration agreement, which was terminated by King in the quarter ended September 30, 2007.


Total operating expenses for the quarter ended December 31, 2007 were $6.1 million, compared to $11.2 million for the comparable quarter of 2006, reflecting lower development costs of bremelanotide which were partially offset by an increase in general and administrative expenses due mainly to a $0.8 million litigation settlement agreement and release resolving all outstanding disputes with Competitive Technologies, Inc.


Palatin's cash, cash equivalents and investments totaled $22.8 million as of December 31, 2007, compared to $33.8 million at June 30, 2007.

Palatin Technologies' management will discuss the second quarter financial results and provide an update on corporate developments during a conference call and webcast on February 11, 2008 at 11:00 a.m. ET.

Conference Call and Webcast Access Information

-- Q2-Fiscal Year 2008 Conference Call - Live 2/11/2008 at 11:00 a.m. ET

Domestic Dial-In Number 1-888-686-9699

International Dial-In Number 1-913-312-6699

-- Q2-Fiscal Year 2008 Conference Call - Replay 2/11-2/18/2008

Domestic Dial-In Number 1-888-203-1112

International Dial-In Number 1-719-457-0820

Replay Passcode: 6144795

-- Webcast Live and Replay Access

The webcast and replay can be accessed by logging on to the "Investor Center - Webcast" section of Palatin's website noted above.

About Palatin Technologies, Inc.

Palatin Technologies, Inc. is a biopharmaceutical company focused on discovering and developing targeted, receptor-specific small molecule and peptide therapeutics. The Company's internal research and development capabilities, anchored by its proprietary MIDAS(TM) technology, are fueling product development. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential. The Company currently has collaborations with AstraZeneca AB and the Mallinckrodt division of Covidien Ltd. For additional information regarding Palatin, please visit Palatin Technologies' website at

Forward-looking Statements

Statements about the Company's future expectations, including statements about its development programs, proposed indications for its product candidates, pre-clinical activities, marketing collaborations, and all other statements in this document other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements shall be subject to the safe harbors created thereby. Palatin's actual results may differ materially from those discussed 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 its disclosure for events that occur after the date of this press release.


Consolidated Statements of Operations


Three Months Six Months

Ended December 31, Ended December 31,

2007 2006 2007 2006


Licenses, grants and

contracts $ 742,835 $ 3,743,109 $ 9,720,566 $ 8,678,211


Research and

development 3,791,344 9,569,483 11,735,221 21,693,180

General and

administrative 2,329,052 1,654,932 3,988,062 3,217,408

Total operating

expenses 6,120,396 11,224,415 15,723,283 24,910,588

Loss from operations (5,377,561) (7,481,306) (6,002,717) (16,232,377)



Investment income 314,470 227,140 711,091 551,374

Interest expense (12,469) (13,122) (30,698) (23,188)

Total other income,

net 302,001 214,018 680,393 528,186

Loss before income

taxes (5,075,560) (7,267,288) (5,322,324) (15,704,191)

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

NET LOSS $(3,784,116) $(6,488,980) $(4,030,880) $(14,925,883)

Basic and diluted net

loss per common

share $ (0.04) $ (0.09) $ (0.05) $ (0.21)

Weighted average number

of common shares

outstanding used in

computing basic and

diluted net loss

per common share 85,204,169 71,055,893 85,190,733 70,967,207


Consolidated Balance Sheets


December 31, June 30,

2007 2007


Current assets:

Cash and cash equivalents $ 20,405,499 $ 31,447,615

Available-for-sale investments 2,362,084 2,323,642

Accounts receivable 367,739 607,841

Prepaid expenses and other current assets 456,458 1,008,464

Total current assets 23,591,780 35,387,562

Property and equipment, net 5,809,350 6,070,226

Restricted cash 475,000 475,000

Other assets 254,268 848,446

Total assets $ 30,130,398 $ 42,781,234


Current liabilities:

Capital lease obligations and notes

payable, current portion $ 306,609 $ 216,841

Accounts payable 583,192 1,120,894

Accrued expenses 2,393,544 2,420,837

Accrued compensation 467,104 941,300

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

Total current liabilities 5,667,118 9,564,705

Capital lease obligations and notes payable,

net of current portion 238,350 275,126

Deferred rent, net of current portion 1,715,500 1,966,628

Deferred revenue, net of current portion 6,805,553 12,443,087

Total liabilities 14,426,521 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 207,039,292 205,875,438

Accumulated other comprehensive income 38,442 -

Accumulated deficit (192,225,949) (188,195,069)

Total stockholders' equity 15,703,877 18,531,688

Total liabilities and stockholders' equity $ 30,130,398 $ 42,781,234

SOURCE Palatin Technologies, Inc.
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