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Palatin Technologies, Inc. Reports Fourth Quarter and Fiscal Year End 2011 Results
Date:9/22/2011

790,916)Income tax benefit

--637,391998,408NET LOSS

$  (3,309,229)$ (4,236,381)$(12,815,929)$  (1,792,508)Basic and diluted net loss per common share

$
(0.09)$
(0.40)$
(0.64)$
(0.18)Weighted average number of common shares outstanding used in computing basic and diluted net loss per common share

34,900,59110,722,06120,084,0229,861,215PALATIN TECHNOLOGIES, INC.

and SubsidiaryConsolidated Balance Sheets(unaudited)June 30, 2011June 30, 2010ASSETSCurrent assets:  Cash and cash equivalents$
8,869,639$
5,405,430  Available-for-sale investments-3,462,189  Accounts receivable131,1492,879  Prepaid expenses and other current assets261,947393,313Total current assets19,262,7359,263,811Property and equipment, net1,305,3312,388,365Restricted cash350,000475,000Other assets254,787261,701Total assets$
21,172,853$
2,388,877LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:  Capital lease obligations$
34,923$
9,670  Accounts payable 496,908155,795  Accrued expenses1,854,0072,219,466  Accrued expenses374,094-  Unearned revenue46,105-Total current liabilities2,806,0372,394,931Capital lease obligations 42,18614,284Deferred rent132,855661,389Total liabilities2,981,0783,070,604Stockholders' 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, 2011 and 2010, respectively5050  Common stock of $0.01 par value – authorized 100,000,000 shares; issued and outstanding 34,900,591 and 11,702,818 shares as of June 30, 2011 and 2010, respectively349,006117,028  Additional paid-in capital239,832,826218,236,723  Accumulated other comprehensive income-138,650  Accumulated deficit (221,990,107)(209,174,178)Total stockholders' equity18,191,7759,318,273Total liabilities and stockholders' equity$
21,172,853$
2,388,877
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SOURCE Palatin Technologies, Inc.
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