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Palatin Technologies, Inc. Reports First Quarter Fiscal Year 2012 Results; Teleconference and Webcast to be held on November 15, 2011
Date:11/15/2011

CRANBURY, N.J., Nov. 15, 2011 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE Amex: PTN), a biopharmaceutical company developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential, today announced results for its first quarter ended September 30, 2011. Palatin reported a net loss of $3.4 million, or $(0.10) per basic and diluted share, for the quarter ended September 30, 2011, compared to a net loss of $4.6 million, or $(0.39) per basic and diluted share, for the same period in 2010.

The decrease in net loss for the quarter ended September 30, 2011, compared to the same period last fiscal year, is the result of Palatin's previously announced strategic decision to reduce staffing levels and to focus resources and efforts on clinical trials of bremelanotide and preclinical development of an inhaled formula of PL-3994 and a new peptide drug candidate for sexual dysfunction.  The decrease in net loss per share was also significantly impacted by the higher number of shares outstanding in the quarter ended September 30, 2011 compared to the same period last fiscal year due primarily to the sale of shares of stock in March 2011.

REVENUERevenues for the quarter ended September 30, 2011 were $27,000, compared to $216,000 for the same period in 2010, reflecting the decrease in revenue recognized under Palatin's agreements with AstraZeneca AB.

COSTS AND EXPENSESTotal operating expenses for the quarter ended September 30, 2011 were $3.4 million, compared to $4.8 million for the comparable quarter of 2010. The decrease in operating expenses for the quarter is the result of Palatin's previously announced strategic decision to reduce staffing levels and to focus resources and efforts on clinical trials of bremelanotide and PL-3994 and preclinical development of an inhaled formul
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