CRANBURY, N.J., May 15 /PRNewswire-FirstCall/ -- Palatin
Technologies, Inc. (NYSE Amex: PTN) announced today results for its
third quarter ended March 31, 2009. Palatin reported net income of
$0.1 million, or $0.00 per basic and diluted share, for the quarter
ended March 31, 2009, compared to a net loss of $5.1 million, or
$0.06 per basic and diluted share, for the same period in 2008.
Total revenues in the quarter ended March 31, 2009 were $5.2
million, compared to $0.7 million for the same period in 2008. The
net income for the quarter ended March 31, 2009 versus the net loss
for the quarter ended March 31, 2008 was primarily attributable to
revenue related to our license and clinical trial collaboration
agreements with AstraZeneca AB (NYSE:AZN). As of March 31, 2009,
Palatin had cash, cash equivalents and available-for-sale
investments totaling $11.0 million, compared to $12.8 million at
June 30, 2008. REVENUE For the quarter ended March 31, 2009,
Palatin recognized $5.2 million of revenue under its collaboration
agreements with AstraZeneca. In the comparable quarter of 2008,
Palatin recognized $0.7 million of from AstraZeneca. COSTS AND
EXPENSES Total operating expenses for the quarter ended March 31,
2009 were $5.1 million versus $6.0 million for the comparable
quarter of 2008. The net decrease in operating expenses was
primarily due to the strategic restructuring and refocusing of our
clinical-stage product portfolio development programs offset by
increases to clinical costs associated with our collaboration
agreements with AstraZeneca. Palatin Technologies' management will
discuss the third quarter financial results for the fiscal year
ending June 30, 2009 and provide an update on corporate
developments during a conference call and webcast on May 15, 2009
at 11:00 a.m. ET. Conference Call / Webcast Palatin will host a
conference call and webcast on May 15, 2009 at 11:00 a.m. Eastern
Time to discuss its third quarter of fiscal year 2009 financial
results. Individuals interested in listening to the conference call
live can dial 888-811-5421 (domestic) or 913-312-0668
(international), passcode 9642372. 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 9642372. The webcast and telephone replay
will be available through May 22, 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 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 for events that occur after
the date of this press release. PALATIN TECHNOLOGIES, INC.
Consolidated Statement of Operations Data (unaudited) Three Months
Ended Nine Months Ended March 31, March 31, 2009 2008 2009 2008
REVENUES: Licenses and contracts $5,159,453 $746,957 $7,124,704
$10,467,523 OPERATING EXPENSES: Research and development 3,813,878
4,561,047 10,311,328 16,296,268 General and Administrative
1,273,365 1,480,167 3,881,688 5,468,229 Total operating Expenses
5,087,243 6,041,214 14,193,016 21,764,497 Income/(loss) from
operations 72,210 (5,294,257) (7,068,312) (11,296,974) OTHER INCOME
(EXPENSE): Investment income 34,966 197,199 195,182 908,290
Interest expense (8,998) (14,136) (21,016) (44,834) Gain on sale of
equipment - - 550,968 - Total other income, net 25,968 183,063
725,134 863,456 Income/(loss) before income taxes 98,178
(5,111,194) (6,343,178) (10,433,518) Income tax benefit - -
1,741,476 1,291,444 NET INCOME/(LOSS) $98,178 $(5,111,194)
$(4,601,702) $(9,142,074) Basic net income/(loss) per common share
$0.00 $(0.06) $(0.05) $(0.11) Diluted net income/(loss) per common
share $0.00 $(0.06) $(0.05) $(0.11) Weighted average number of
common shares outstanding used in computing basic net income/(loss)
per common share 86,662,901 85,204,169 86,273,130 85,195,179
Weighted average number of common shares outstanding used in
computing diluted net income/(loss) per common share 88,387,901
85,204,169 86,273,130 85,195,179 PALATIN TECHNOLOGIES, INC.
Consolidated Balance Sheet Data March 31, June 30, 2009 2008 ASSETS
Current assets: Cash and cash equivalents $7,569,569 $9,421,770
Available-for-sale investments 3,407,101 3,352,771 Accounts
receivable 586,811 5,747 Prepaid expenses and other current assets
628,553 484,362 Total current assets 12,192,034 13,264,650 Property
and equipment, net 4,013,934 5,128,076 Restricted cash 475,000
475,000 Other assets 252,796 257,198 Total assets $16,933,764
$19,124,924 LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Capital lease obligations, current portion $141,808
$263,128 Accounts payable 198,344 635,183 Accrued expenses
1,990,462 1,666,628 Accrued compensation - 767,509 Deferred
revenue, current portion 5,500,001 1,666,669 Total current
liabilities 7,830,615 4,999,117 Capital lease obligations, net of
current portion 38,563 121,629 Deferred rent, net of current
portion 1,183,340 1,479,794 Deferred revenue, net of current
portion 4,722,218 5,972,220 Total liabilities 13,774,736 12,572,760
Stockholders' equity: Preferred stock of $.01 par value -
authorized 10,000,000 shares; Series A Convertible; issued and
outstanding 4,997 shares as of March 31, 2009 and June 30, 2008 50
50 Common stock of $.01 par value - authorized 150,000,000 shares;
issued and outstanding 86,662,901 and 85,524,077 shares as of March
31, 2009 and June 30, 2008, respectively 866,629 855,241 Additional
paid-in capital 209,389,927 208,247,194 Accumulated other
comprehensive income 83,562 29,117 Accumulated deficit
(207,181,140) (202,579,438) Total stockholders' equity 3,159,028
6,552,164 Total liabilities and stockholders' equity $16,933,764
$19,124,924 DATASOURCE: Palatin Technologies, Inc. CONTACT:
Investor Inquiries: Stephen T. Wills, CPA, MST, EVP-Operations/
Chief Financial Officer of Palatin Technologies, +1-609-495-2200, ;
or Media Inquiries: Susan Kim of Burns McClellan for Palatin
Technologies, +1-212-213-0006, Web Site: http://www.palatin.com/
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