Palatin Technologies, Inc. Reports Fourth Quarter and Fiscal Year End 2010 Results Teleconference and Webcast to be held on Sept

CRANBURY, N.J., Sept. 27 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (NYSE Amex: PTN), a biopharmaceutical company dedicated to the development of peptide, peptide mimetic and small molecule agonist compounds with a focus on melanocortin and natriuretic peptide receptor systems, today announced results for its fourth quarter and fiscal year ended June 30, 2010.  All share and per share amounts are presented on a post-reverse-split basis, giving effect to the 1-for-10 reverse stock split announced on September 24, 2010.

Palatin's net loss for the year ended June 30, 2010 was $1.8 million, or $(0.18) per basic and diluted share, compared to a net loss of $4.8 million, or $(0.56) per basic and diluted share, for the year ended June 30, 2009.  

Palatin reported a net loss of $4.2 million, or $(0.40) per basic and diluted share, for the quarter ended June 30, 2010, compared to a net loss of $0.2 million, or $(0.02) per basic and diluted share, for the same period in 2009.    

The change in net losses for the year and quarter ended June 30, 2010 compared to the net loses for the year and quarter ended June 30, 2009 was primarily attributable to the varying amount of revenue recognized under Palatin's license and clinical trial agreements with AstraZeneca AB in the respective periods.

REVENUE

For the year ended June 30, 2010, total revenues were $14.2 million, compared to $11.4 million for year ended June 30, 2009.  Total revenues in the quarter ended June 30, 2010 were $0.7 million, compared to $4.2 million for the same period in 2009.

COSTS AND EXPENSES

For the year ended June 30, 2010, total operating expenses were $17.2 million compared to $18.7 million for the year ended June 30, 2009. The decrease is primarily related to management's refinement of operations and expense control. For the quarter ended June 30, 2010, total operating expenses were $4.9 million versus $4.5 million for the comparable quarter of 2009.  The net increases in operating expenses for the quarter was primarily due to expenses related to Palatin's clinical-stage development programs.

CASH POSITION/GOING CONCERN

Palatin's cash, cash equivalents and investments were $8.9 million as of June 30, 2010, compared to $7.8 million at June 30, 2009.  Palatin's audited financial statements for the year ended June 30, 2010, included in the Company's Annual Report on Form 10-K to be filed September 27, 2010, includes an audit opinion from its independent registered public accounting firm, KPMG LLP, that contains a going concern explanatory paragraph.

CONFERENCE CALL / WEBCAST

Palatin will host a conference call and webcast on September 27, 2010 at 10:00 a.m. Eastern Time to discuss the previously announced realignment of its workforce and operations to reflect a strategic reassessment of research and development activities and corporate objectives and the fourth quarter of fiscal year 2010 financial results.  Individuals interested in listening to the conference call live can dial 800-753-0343 (domestic) or 913-312-1376 (international), passcode 4114932.  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 4114932.  The webcast and telephone replay will be available through October 4, 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 Statement of Operations Data
(unaudited)



Year Ended June 30,


Quarter Ended June 30,


2010


2009


2010


2009









REVENUES

$ 14,180,727


$ 11,351,774


$      674,957


$     4,227,070









OPERATING EXPENSES:








    Research and development

12,293,910


13,356,751


3,554,521


3,045,423

    General and administrative

4,901,203


5,296,859


1,374,320


1,415,171

         Total operating expenses

17,195,113


18,653,610


4,928,841


4,460,594









         Loss from operations

(3,014,386)


(7,301,836)


(4,253,884)


(233,524)









OTHER INCOME (EXPENSE):








    Investment income

141,635


233,319


21,365


38,137

    Interest expense

(13,165)


(26,159)


(3,862)


(5,143)

    Gain on sale of supplies and equipment

95,000


550,968


-


-

         Total other income, net

223,470


758,128


17,503


32,994









         Loss before income taxes

(2,790,916)


(6,543,708)


(4,236,381)


(200,530)

Income tax benefit

998,408


1,741,476


-


-









NET LOSS

$  (1,792,508)


$  (4,802,232)


$ (4,,236,381)


$      (200,530)









Basic and diluted net loss per common share

$           (0.18)


$           (0.56)


$           (0.40)


$            (0.02)









Weighted average number of
common shares outstanding used
in computing basic and diluted net
loss per common share

9,861,215


8,637,030


10,722,061


8,666,290




PALATIN TECHNOLOGIES, INC.
and Subsidiary


Consolidated Balance Sheet Data
(unaudited)




June 30, 2010


June 30, 2009

ASSETS





Current assets:





 Cash and cash equivalents


$             5,405,430


$            4,378,662

 Available-for-sale investments


3,462,189


3,439,650

 Accounts receivable


2,879


508,528

 Prepaid expenses and other current assets


393,313


492,824

     Total current assets


9,263,811


8,819,664






Property and equipment, net


2,388,365


3,650,783

Restricted cash


475,000


475,000

Other assets


261,701


254,364

     Total assets


$           12,388,877


$          13,199,811






LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities:





 Capital lease obligations


$                  19,670


$                 87,675

 Accounts payable


155,795


206,363

 Accrued expenses


2,219,466


1,420,741

 Deferred revenue


-


6,955,553

     Total current liabilities


2,394,931


8,670,332






Capital lease obligations


14,284


33,954

Deferred rent


661,389


1,182,026

     Total liabilities


3,070,604


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 June 30, 2010 and 2009, respectively



50



50

 Common stock of $0.01 par value – authorized 40,000,000
   shares; issued and outstanding 11,702,818 and 8,666,290
   shares as of June 30, 2010 and 2009, respectively




117,028




86,663

 Additional paid-in capital


218,236,723


210,492,345

 Accumulated other comprehensive income


138,650


116,111

 Accumulated deficit


(209,174,178)


(207,381,670)

     Total stockholders' equity


9,318,273


3,313,499

     Total liabilities and stockholders' equity


$           12,388,877


$          13,199,811




SOURCE Palatin Technologies, Inc.

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