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Palatin Technologies, Inc. Reports Fiscal Year 2008 Second Quarter Results; Teleconference and Webcast to be held on February 11, 2008
Date:2/11/2008

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

LIABILITIES AND STOCKHOLDERS' EQUITY

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,
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SOURCE Palatin Technologies, Inc.
Copyright©2008 PR Newswire.
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