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Palatin Technologies, Inc. Reports Second Quarter Fiscal Year 2010 Results; Teleconference and Webcast to be held on February 16, 2010

Tuesday, February 16, 2010 General News J E 4
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CRANBURY, N.J., Feb. 16 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (NYSE Amex: PTN) today announced results for its second quarter ended December 31, 2009.  Palatin reported net income of $4.5 million, or $0.04 per basic and diluted share, for the quarter ended December 31, 2009, compared to a net loss of $0.4 million, or $0.00 per basic and diluted share, for the same period in 2008.  Total revenues in the quarter ended December 31, 2009 were $7.3 million, compared to $1.2 million for the same period in 2008.  

The increase in net income for the quarter ended December 31, 2009, compared to the same period last fiscal year, was primarily due to an increase in revenue recognized under Palatin's license and clinical trial agreements with AstraZeneca AB (AstraZeneca).

As of December 31, 2009, Palatin's cash, cash equivalents and investments totaled $7.4 million, compared to $7.8 million at June 30, 2009 and $6.3 million for the same period last year.  The Company anticipates receiving $2.5 million from AstraZeneca related to the September 2009 amendment to the parties' collaboration agreement later this calendar quarter.

Revenue

For the quarter ended December 31, 2009, Palatin recognized $7.3 million of contract revenue under its license and collaboration agreement with AstraZeneca, compared to $1.2 million for the same period in 2008.  Based on the September 2009 amendment, Palatin provided research services to AstraZeneca through January 2010.  Accordingly, contract revenue is being recognized through the January 2010 date.

Costs and Expenses

Total operating expenses for the quarter ended December 31, 2009 were $3.8 million compared to $4.0 million for the comparable quarter of 2008.

Conference Call/Webcast

Palatin Technologies' management will discuss the second quarter financial results for the fiscal year ending June 30, 2010 and provide an update on corporate developments during a conference call and webcast on February 16, 2010 at 11:00 a.m. Eastern Time.

Individuals interested in listening to the conference call live can dial:

  • 888-596-2560 (domestic) or 913-312-0418 (international)
  • Passcode: 8075436

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 8075436. The webcast and telephone replay will be available through February 23, 2010.  

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 events that occur after the date of this press release.

    
    
    
                              PALATIN TECHNOLOGIES, INC.
                                   and Subsidiary
    
                       Consolidated Statements of Operations
                                    (unaudited)
    
    
                             Three Months                  Six Months
                          Ended December 31,           Ended December 31,
                           ---------------              ---------------
                          2009         2008            2009          2008
                          ----         ----            ----          ----
    
    REVENUES           $7,283,299   $1,211,405     $10,945,918    $1,965,251
                       ----------   ----------     -----------    ----------
    
    OPERATING EXPENSES:
       Research and 
        development     2,712,871    2,839,451       5,382,435     6,497,450
       General and
        administrative  1,134,963    1,151,475       2,288,694     2,608,323
                        ---------    ---------       ---------     ---------
         Total
          operating
          expenses      3,847,834    3,990,926       7,671,129     9,105,773
                        ---------    ---------       ---------     ---------
    
    Income/(Loss)
     From operations    3,435,465   (2,779,521)      3,274,789    (7,140,522)
                        ---------   ----------       ---------    ----------
    
    OTHER INCOME
     (EXPENSE):
       Investment income   70,317       77,236         103,629       160,216
       Interest expense    (2,315)      (7,524)         (7,016)      (12,018)
       Gain on sale
        of supplies
        and equipment           -      550,968          95,000       550,968
                              ---      -------          ------       -------
         Total other
          income, net      68,002      620,680         191,613       699,166
                           ------      -------         -------       -------
    
    Income/(Loss)
     Before income
     taxes              3,503,467   (2,158,841)      3,466,402    (6,441,356)
    Income tax
     benefit              998,408    1,741,476         998,408     1,741,476
                          -------    ---------         -------     ---------
    
    NET INCOME/(LOSS)  $4,501,875    $(417,365)     $4,464,810   $(4,699,880)
                       ==========     =========      ==========   ===========
    
    Basic net
     income/(loss)
     per common share       $0.04        $0.00           $0.04        $(0.05)
                            =====        =====           =====         ======
    
    Diluted net
     income/(loss)
     per common share       $0.04        $0.00           $0.04        $(0.05)
                            =====        =====           =====         ======
    
    Weighted average
     number of common
     shares outstanding
     used in
     computing basic
     net income/(loss)
     per common share  96,169,542   86,640,647      93,737,883    86,082,481
                       ==========   ==========      ==========    ==========
    Weighted average
     number of common
     shares outstanding
     used in
     computing diluted
     net income/(loss)
     per common share  96,645,078   86,640,647      94,176,625    86,082,481
                       ==========   ==========      ==========    ==========
    
    
    
    
    
                              PALATIN TECHNOLOGIES, INC.
                                   and Subsidiary
    
                             Consolidated Balance Sheets
                                    (unaudited)
    
                                              December 31,        June 30,
                                                 2009               2009
                                                 ----               ----
    ASSETS
    Current assets:
      Cash and cash
       equivalents                           $3,922,685         $4,378,662
      Available-for-sale
       investments                            3,431,724          3,439,650
      Accounts receivable                       892,587            508,528
      Other receivables                       1,319,591                  -
      Prepaid expenses and
       other current assets                     290,387            492,824
                                                -------            -------
          Total current assets                9,856,974          8,819,664
    
    Property and equipment, net               2,983,994          3,650,783
    Restricted cash                             475,000            475,000
    Other assets                                254,206            254,364
                                                -------            -------
          Total assets                      $13,570,174        $13,199,811
                                            ===========        ===========
    
    LIABILITIES AND
     STOCKHOLDERS' EQUITY
    Current liabilities:
      Capital lease obligations                 $20,307            $87,675
      Accounts payable                          305,173            206,363
      Accrued expenses                        1,164,904          1,420,741
      Deferred revenue                                -          6,955,553
                                                    ---          ---------
          Total current liabilities           1,490,384          8,670,332
    
    Capital lease obligations                    24,372             33,954
    Deferred rent                               931,318          1,182,026
                                                -------          ---------
          Total liabilities                   2,446,074          9,886,312
                                              ---------          ---------
    
    
    
    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, 2009 and
       June 30, 2009, respectively                   50                 50
      Common stock of $.01 par
       value – authorized
       150,000,000 shares;
       issued and outstanding
       96,214,999 and
       86,662,901 shares as of
       December 31, 2009 and
       June 30, 2009, respectively              962,150            866,629
      Additional paid-in capital            212,970,575        209,712,379
      Accumulated other
       comprehensive income                     108,185            116,111
      Accumulated deficit                  (202,916,860)      (207,381,670)
                                            ------------       ------------
          Total stockholders’ equity         11,124,100          3,313,499
                                             ----------          ---------
          Total liabilities and
           stockholders’ equity             $13,570,174        $13,199,811
                                            ===========        ===========
    

SOURCE Palatin Technologies, Inc.

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