PALATIN TECHNOLOGIES REPORTS SECOND QUARTER RESULTS

PRINCETON, NJ (February 15, 2002) - Palatin Technologies Inc (AMEX:PTN) today announced results for its second quarter ended December 31, 2001. Palatin also announced plans to hold a teleconference on Wednesday, February 20th at 10:00 AM EST. Management will discuss the 2nd quarter financial results as well as the current status of the company, its products and its programs. Information on accessing the teleconference/webcast follows.

Palatin reported revenues for the second quarter of fiscal year 2002 of $41,667, with a net loss of $3.8 million or $0.31 loss per share. In the second quarter of fiscal year 2001, revenues totaled $706,460 and the net loss was $1.8 million or $0.17 loss per share.

The increase in net loss for the second quarter ended December 31, 2001, was primarily attributable to increases in operating expenses related to ongoing clinical trials of PT-141, costs associated with the planned move to the new facility, and increased costs associated with the Company's MIDAS and LeuTech development efforts.

According to Stephen T. Wills, chief financial officer of Palatin, the net cash used in operating activities for the six and three months ended December 31, 2001 totaled $6.4 million and $3.8 million, respectively. The balance sheet reflected cash and cash equivalents of approximately $15 million as of December 31, 2001.

Palatin Technologies, Inc. is a development-stage biopharmaceutical company. The company is currently conducting clinical investigations with its lead drug, PT-141, for the treatment of erectile dysfunction, and is developing additional therapeutic compounds discovered using its enabling peptide platform technology, MIDAS

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