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Palatin Technologies, Inc. Reports Second Quarter Fiscal Year 2013 Results; Teleconference and Webcast to be held on February 14, 2013

9,0834,977,450General and administrative

1,001,5381,019,7472,062,5542,129,129Total operating expenses

3,447,3083,712,8146,851,6377,106,579Loss from operations

(3,440,753)(3,701,322)(6,841,276)(7,067,870)OTHER INCOME (EXPENSE):Investment income

13,0167,23427,38722,274Interest expense

(1,360)(1,847)(3,642)(4,820)Increase in fair value of warrants

--(7,069,165)-Gain on disposition of supplies

 and equipment

-3,0004,6203,000Total other income (expense), net

11,6568,387(7,040,800)20,454Loss before income taxes

(3,429,097)(3,692,935)(13,882,076)(7,047,416)Income tax benefit

1,753,2081,068,2331,753,2081,068,233NET LOSS

(5,979,183)Basic and diluted net loss per

 common share

(0.17)Weighted average number of

 common shares outstanding used

 in computing basic and diluted

 net loss per common share

106,424,44334,900,59189,046,80634,900,591 PALATIN TECHNOLOGIES, INC.and SubsidiaryConsolidated Balance Sheets(unaudited)December 31, 2012June 30, 2012ASSETSCurrent assets:Cash and cash equivalents

3,827,198Accounts receivable

37,99127,631Restricted cash

-350,000Prepaid expenses and other current assets

343,912532,010Total current assets

33,232,5794,736,839Property and equipment, net

285,649318,653Other assets

58,542324,992Total assets

5,380,484LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Capital lease obligations

22,277Accounts payable 

484,815294,894Accrued expenses

1,541,7292,706,496Accrued compensation

-433,333Total current liabilities

2,049,6883,457,000Capital lease obligations 

8,11619,909Deferred rent'/>"/>

SOURCE Palatin Technologies, Inc.
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