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 =========== =========== DATASOURCE: Palatin
Technologies, Inc. CONTACT: Palatin Technologies Investor
Inquiries: Stephen T. Wills, CPA, MST EVP-Operations / Chief
Financial Officer, +1-609-495-2200 , , or Palatin Technologies
Media Inquiries: Carney Noensie, Burns McClellan, Vice President,
Investor Relations, +1-212-213-0006, Web Site:
http://www.palatin.com/
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