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Palatin Technologies Announces Receipt of $4.1 Million from AstraZeneca
Date:2/12/2009

Earns Milestone Payment of Additional $2.5 Million

CRANBURY, N.J., Feb. 12 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (NYSE Alternext US: PTN) today announced it has received $4.1 million from AstraZeneca relating to an extension of its exclusive research collaboration and license agreement to discover, develop and commercialize compounds that target melanocortin receptors and a clinical trial sponsored research agreement.

Palatin also announced that it has earned a milestone payment of $2.5 million in connection with its collaboration and license agreement with AstraZeneca. Palatin anticipates receiving the $2.5 million in the current calendar quarter.

The $6.6 million received or to be received from AstraZeneca, coupled with $1.7 million that Palatin received from the sale of net operating losses to the State of New Jersey, $700,000 from the sale of non-core fixed assets, and its cash and cash equivalents balance, gives Palatin sufficient cash to fund its projected operations through calendar year 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 www.palatin.com.

About AstraZeneca

AstraZeneca is a major international healthcare business engaged in the research, development, manufacturing and marketing of meaningful prescription medicines and supplier for healthcare services. AstraZeneca is one of the world's leading pharmaceutical companies with healthcare sales of US$ 31.6 billion
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SOURCE Palatin Technologies, Inc.
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