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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

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                     
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SOURCE Palatin Technologies, Inc.
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