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Palatin Technologies, Inc. Reports Second Quarter Fiscal Year 2012 Results; Teleconference and Webcast to be Held on February 15, 2012
Date:2/15/2012

revenues11,4921,042,17638,7091,258,323OPERATING EXPENSES:Research and development2,693,0671,984,4404,977,4505,437,202General and administrative1,019,747889,4762,129,1292,271,252Total operating expenses3,712,8142,873,9167,106,5797,708,454Income (loss) from operations(3,701,322)(1,831,740)(7,067,870)(6,450,131)OTHER INCOME (EXPENSE):Investment income7,23432,98622.27453,361Interest expense(1,847)(1,329)(4,820)(3,633)Gain on sale of securities-60,390-60,390Gain on sale of supplies and equipment3,0001,8003,0001,800Total other income, net8,38793,84720,454111,918Loss before income taxes(3,692,935)(1,737,893)(7,047,416)(6,338,213)Income tax benefit1,068,233637,3911,068,233637,391NET LOSS$
(2,624,702)$
(1,100,502)$
(5,979,183)$
(5,700,822)Basic and diluted net loss per common share$
(0.08)$
(0.09)$
(0.17)$
(0.48)Weighted average number of common shares outstanding used in computing basic and diluted net (loss per common share34,900,59111,839,30934,900,59111,785,470PALATIN TECHNOLOGIES, INC.and SubsidiaryConsolidated Balance Sheets

(unaudited)December 31,2011June 30,2011ASSETSCurrent assets:  Cash and cash equivalents$
,898,403$
8,869,639  Accounts receivable1,068,233131,149  Prepaid expenses and other current assets814,673261,947Total current assets13,781,30919,262,735Property and equipment, net804,2441,305,331Restricted cash350,000350,000Other assets59,512254,787Total assets$
4,995,065$
21,172,853LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:  Capital lease obligations$
25,106$
34,923  Accounts payable 580,569496,908  Accrued compensation-374,094  Unearned revenue7,39646,105  Accrued expenses1,594,5371,854,007Total current liabilities2,207,6082,806,037Capital lease obligations 31,26042,186Deferred rent91,285132,855Total liabilities2,,330,1532,981,078Stockholders' equity:  Preferred stock of $.01 par value – authorized 10,000,000 shares;Series A Convertible; issued a
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SOURCE Palatin Technologies, Inc.
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