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Palatin Technologies, Inc. Reports Third Quarter Fiscal Year 2010 Results; Teleconference and Webcast to be held on May 13, 2010

Thursday, May 13, 2010 General News J E 4
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PALATIN TECHNOLOGIES, INC.

and Subsidiary

Consolidated Balance Sheets

(unaudited)

March 31,

2010

June 30,

2009

ASSETS

Current assets:

 Cash and cash equivalents

$

6,775,679

$

4,378,662

 Available-for-sale investments

3,449,720

3,439,650

 Accounts receivable

530,092

508,528

 Prepaid expenses and other current assets

377,303

492,824

     Total current assets

11,132,794

8,819,664

Property and equipment, net

2,688,702

3,650,783

Restricted cash

475,000

475,000

Other assets

257,420

254,364

     Total assets

$

14,553,916

$

13,199,811

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

 Capital lease obligations

$

19,170

$

87,675

 Accounts payable

681,190

206,363

 Accrued expenses

1,477,682

1,420,741

 Deferred revenue

-

6,955,553

     Total current liabilities

2,178,042

8,670,332

Capital lease obligations

19,393

33,954

Deferred rent

793,608

1,182,026

     Total liabilities

2,991,043

9,886,312

Stockholders' equity:

 Preferred stock of $0.01 par value – authorized 10,000,000 shares;

   Series A Convertible; issued and outstanding 4,997 shares as of March 31, 2010 and June 30, 2009, respectively

50

50

 Common stock of $0.01 par value – authorized 150,000,000 shares; issued and outstanding 106,571,465 and 86,662,901 shares as of March 31, 2010 and June 30, 2009, respectively

1,065,715

866,629

 Additional paid-in capital

215,308,724

209,712,379

 Accumulated other comprehensive income

126,181

116,111

 Accumulated deficit

(204,937,797)

(207,381,670)

     Total stockholders' equity

11,562,873

3,313,499

     Total liabilities and stockholders' equity

$

14,553,916

$

13,199,811

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