CRANBURY, N.J., Feb. 17 /PRNewswire-FirstCall/ -- Palatin
Technologies, Inc. (NYSE Alternext US: PTN) announced today results
for its second quarter ended December 31, 2008. Palatin reported a
net loss of $0.4 million, or $0.00 per basic and diluted share, for
the quarter ended December 31, 2008, compared to a net loss of $3.8
million, or $0.04 per basic and diluted share, for the same period
in 2007. Total revenues in the quarter ended December 31, 2008 were
$1.2 million, compared to $0.7 million for the same period in 2007.
The decrease in the net loss for the quarter ended December 31,
2008 versus the quarter ended December 31, 2007 was primarily
attributable to a decrease in both research and development and
general and administrative operating expenses. As of December 31,
2008, the Company had cash, cash equivalents and available-for-sale
investments totaling $6.3 million compared to $12.8 million at June
30, 2008. In addition, the Company had $4.9 million in accounts
receivable as of December 31, 2008, which has been received.
REVENUE For the quarter ended December 31, 2008, Palatin recognized
$1.2 million of contract revenue under its collaboration agreement
with AstraZeneca AB, compared to $0.7 million for the same quarter
of 2007. In addition, the Company recognized approximately $0.6
million in Other Income for the quarter ended December 31, 2008,
which consisted mainly of proceeds of $0.5 million from the sale of
previously expensed equipment and supplies; there was no such
activity for the quarter ended December 31, 2007. COSTS AND
EXPENSES Total operating expenses for the quarter ended December
31, 2008 were $4.0 million versus $6.1 million for the comparable
quarter of 2007. The decrease in operating expenses was primarily
due to the strategic restructuring and refocusing of our
clinical-stage product portfolio development programs.
Additionally, there was a $1.2 million decrease in general and
administrative expenses primarily related to the reductions in
workforce initiated in September 2007 and May 2008. Palatin
Technologies' management will discuss the second 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 February 17, 2009 at 11:00 a.m. ET. Conference Call /
Webcast The Company will host a conference call and webcast on
February 17, 2009 at 11:00 a.m. Eastern Time to discuss its second
quarter, fiscal year 2009 financial results. Individuals interested
in listening to the conference call live can dial 888-631-5927
(domestic) or 913-312-0661 (international), passcode 5142197. 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 5142197. The webcast and
telephone replay will be available through February 24, 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
the 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 Six Months Ended December 31, December 31, 2008 2007
2008 2007 REVENUES: Licenses and contracts $1,211,405 $742,835
$1,965,251 $9,720,566 OPERATING EXPENSES: Research and development
2,839,451 3,791,344 6,497,450 11,735,221 General and administrative
1,151,475 2,329,052 2,608,323 3,988,062 Total operating expenses
3,990,926 6,120,396 9,105,773 15,723,283 Loss from operations
(2,779,521) (5,377,561) (7,140,522) (6,002,717) OTHER INCOME
(EXPENSE): Investment income 77,236 314,470 160,216 711,091
Interest expense (7,524) (12,469) (12,018) (30,698) Gain on sale of
equipment 550,968 - 550,968 - Total other income, net 620,680
302,001 699,166 680,393 Loss before income taxes (2,158,841)
(5,075,560) (6,441,356) (5,322,324) Income tax benefit 1,741,476
1,291,444 1,741,476 1,291,444 NET LOSS $(417,365) $(3,784,116)
$(4,699,880) $(4,030,880) Basic and diluted net loss per common
share $0.00 $(0.04) $(0.05) $(0.05) Weighted average number of
common shares outstanding used in computing basic and diluted net
loss per common share 86,640,647 85,204,169 86,082,481 85,190,733
PALATIN TECHNOLOGIES, INC. Consolidated Balance Sheet Data December
31, June 30, 2008 2008 ASSETS Current assets: Cash and cash
equivalents $2,953,366 $9,421,770 Available-for-sale investments
3,375,074 3,352,771 Accounts receivable 4,900,486 5,747 Prepaid
expenses and other current assets 554,755 484,362 Total current
assets 11,783,681 13,264,650 Property and equipment, net 4,336,327
5,128,076 Restricted cash 475,000 475,000 Other assets 248,785
257,198 Total assets $16,843,793 $19,124,924 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Capital lease
obligations, current portion $193,034 $263,128 Accounts payable
344,447 635,183 Accrued expenses 1,367,961 1,666,628 Accrued
compensation - 767,509 Deferred revenue, current portion 5,633,335
1,666,669 Total current liabilities 7,538,777 4,999,117 Capital
lease obligations, net of current portion 52,646 121,629 Deferred
rent, net of current portion 1,280,904 1,479,794 Deferred revenue,
net of current portion 5,272,221 5,972,220 Total liabilities
14,144,548 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 December 31, 2008 and
June 30, 2008, respectively 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 December 31, 2008 and June 30, 2008,
respectively 866,629 855,241 Additional paid-in capital 209,060,464
208,247,194 Accumulated other comprehensive income 51,420 29,117
Accumulated deficit (207,279,318) (202,579,438) Total stockholders'
equity 2,699,245 6,552,164 Total liabilities and stockholders'
equity $16,843,793 $19,124,924 DATASOURCE: Palatin Technologies,
Inc. CONTACT: Investor Inquiries, Stephen T. Wills, CPA, MST,
EVP-Operations / Chief Financial Officer of Palatin Technologies,
Inc., +1-609-495-2200, ; or Media Inquiries, Susan Kim, Burns
McClellan for Palatin Technologies, Inc., +1-212-213-0006, Web
Site: http://www.palatin.com/
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