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Palatin Technologies, Inc. Reports Fiscal Year 2009 Third Quarter Results; Teleconference and Webcast to be held on May 15, 2009
Date:5/15/2009

CRANBURY, N.J., May 15 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (NYSE Amex: PTN) announced today results for its third quarter ended March 31, 2009. Palatin reported net income of $0.1 million, or $0.00 per basic and diluted share, for the quarter ended March 31, 2009, compared to a net loss of $5.1 million, or $0.06 per basic and diluted share, for the same period in 2008. Total revenues in the quarter ended March 31, 2009 were $5.2 million, compared to $0.7 million for the same period in 2008.

The net income for the quarter ended March 31, 2009 versus the net loss for the quarter ended March 31, 2008 was primarily attributable to revenue related to our license and clinical trial collaboration agreements with AstraZeneca AB (NYSE: AZN).

As of March 31, 2009, Palatin had cash, cash equivalents and available-for-sale investments totaling $11.0 million, compared to $12.8 million at June 30, 2008.

REVENUE

For the quarter ended March 31, 2009, Palatin recognized $5.2 million of revenue under its collaboration agreements with AstraZeneca. In the comparable quarter of 2008, Palatin recognized $0.7 million of from AstraZeneca.

COSTS AND EXPENSES

Total operating expenses for the quarter ended March 31, 2009 were $5.1 million versus $6.0 million for the comparable quarter of 2008. The net decrease in operating expenses was primarily due to the strategic restructuring and refocusing of our clinical-stage product portfolio development programs offset by increases to clinical costs associated with our collaboration agreements with AstraZeneca.

Palatin Technologies' management will discuss the third quarter financial results for the fiscal year ending June 30, 2009 and provide an update on corporate developments during a conference call and webcast on May 15, 2009 at 11:00 a.m. ET.

Conference Call / Webcast

Palatin will host a conference call and webcast on May 15, 2009 at 11:00 a.m. Eastern Time to discuss its third quarter of fiscal year 2009 financial results. Individuals interested in listening to the conference call live can dial 888-811-5421 (domestic) or 913-312-0668 (international), passcode 9642372. 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 9642372. The webcast and telephone replay will be available through May 22, 2009.

About Palatin Technologies, Inc.

Palatin Technologies, Inc. is a biopharmaceutical company focused on discovering and developing targeted, receptor-specific small molecule and peptide therapeutics. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential. For additional information regarding Palatin, please visit Palatin Technologies' website at http://www.palatin.com.

Forward-looking Statements

Statements about future expectations of Palatin Technologies, Inc., 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. Palatin intends that such forward-looking statements 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 Palatin'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 protect its intellectual property, and other factors discussed in Palatin's periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating for events that occur after the date of this press release.


                             PALATIN TECHNOLOGIES, INC.
                      Consolidated Statement of Operations Data
                                    (unaudited)

                              Three Months Ended        Nine Months Ended
                                   March 31,                March 31,
                               2009         2008        2009         2008
    REVENUES:
         Licenses and
          contracts         $5,159,453    $746,957   $7,124,704  $10,467,523

    OPERATING EXPENSES:
         Research and
          development        3,813,878   4,561,047   10,311,328   16,296,268
         General and
          Administrative     1,273,365   1,480,167    3,881,688    5,468,229
             Total operating
              Expenses       5,087,243   6,041,214   14,193,016   21,764,497

    Income/(loss) from
     operations                 72,210  (5,294,257)  (7,068,312) (11,296,974)

    OTHER INCOME (EXPENSE):
         Investment income      34,966     197,199      195,182      908,290
         Interest expense       (8,998)    (14,136)     (21,016)     (44,834)
         Gain on sale of
          equipment                  -           -      550,968            -
             Total other
              income, net       25,968     183,063      725,134      863,456

    Income/(loss) before
     income taxes               98,178  (5,111,194)  (6,343,178) (10,433,518)
    Income tax benefit               -           -    1,741,476    1,291,444

    NET INCOME/(LOSS)          $98,178 $(5,111,194) $(4,601,702) $(9,142,074)

    Basic net income/(loss)
     per common share            $0.00      $(0.06)      $(0.05)      $(0.11)

    Diluted net income/(loss)
     per common share            $0.00      $(0.06)      $(0.05)      $(0.11)

    Weighted average number
     of common shares
     outstanding used in
     computing basic net
     income/(loss) per
     common share           86,662,901  85,204,169   86,273,130   85,195,179
    Weighted average number
     of common shares
     outstanding used in
     computing diluted net
     income/(loss) per
     common share           88,387,901  85,204,169   86,273,130   85,195,179


                            PALATIN TECHNOLOGIES, INC.
                          Consolidated Balance Sheet Data

                                                 March 31,      June 30,
                                                   2009           2008
    ASSETS
    Current assets:
      Cash and cash equivalents                 $7,569,569    $9,421,770
      Available-for-sale investments             3,407,101     3,352,771
      Accounts receivable                          586,811         5,747
      Prepaid expenses and other current
       assets                                      628,553       484,362
          Total current assets                  12,192,034    13,264,650

    Property and equipment, net                  4,013,934     5,128,076
    Restricted cash                                475,000       475,000
    Other assets                                   252,796       257,198
          Total assets                         $16,933,764   $19,124,924

    LIABILITIES AND STOCKHOLDERS'
     EQUITY
    Current liabilities:
      Capital lease obligations, current
       portion                                    $141,808      $263,128
      Accounts payable                             198,344       635,183
      Accrued expenses                           1,990,462     1,666,628
      Accrued compensation                               -       767,509
      Deferred revenue, current portion          5,500,001     1,666,669
          Total current liabilities              7,830,615     4,999,117

    Capital lease obligations, net of
     current portion                                38,563       121,629
    Deferred rent, net of current
     portion                                     1,183,340     1,479,794
    Deferred revenue, net of current
     portion                                     4,722,218     5,972,220
          Total liabilities                     13,774,736    12,572,760


    Stockholders' equity:
      Preferred stock of $.01 par value -
       authorized 10,000,000 shares;
       Series A Convertible; issued and
       outstanding 4,997 shares as of
       March 31, 2009 and June 30, 2008                50            50
      Common stock of $.01 par value -
       authorized 150,000,000 shares;
       issued and outstanding 86,662,901
       and 85,524,077 shares as of March
       31, 2009 and June 30, 2008,
       respectively                                866,629       855,241
      Additional paid-in capital               209,389,927   208,247,194
      Accumulated other comprehensive
       income                                       83,562        29,117
      Accumulated deficit                     (207,181,140) (202,579,438)
         Total stockholders' equity              3,159,028     6,552,164
         Total liabilities and stockholders'
          equity                               $16,933,764   $19,124,924


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SOURCE Palatin Technologies, Inc.
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