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Palatin Technologies, Inc. Announces Pricing Of Public Offering Of Common Stock And Warrants

CRANBURY, N.J., Feb. 24, 2011 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE Amex: PTN) today announced the pricing of its underwritten public offering of 23,000,000 units, consisting of 23,000,000 shares of its common stock, Series A Warrants to purchase 2,000,000 shares of its common stock and Series B Warrants to purchase 21,000,000 shares of its common stock, at a price to the public of $1.00 per unit. Palatin expects that the net proceeds of the offering will be approximately $21,100,000 after deducting underwriting discounts and commissions and other estimated offering expenses.

Each unit consists of one share of common stock, a Series A Warrant exercisable for 0.087 of a share of common stock at an initial exercise price of $1.00 per share and a Series B Warrant exercisable for 0.913 of a share of common stock at an initial exercise price of $1.00 per share. The Series A Warrants are exercisable immediately upon issuance and expire on the fifth anniversary of the date of issuance.  The Series B Warrants are exercisable beginning one year and one day from the date of issuance, but only if Palatin's stockholders increase the number of its authorized shares of common stock, and expire on the fifth anniversary of the date they first become exercisable.

The offering is expected to close on or about March 1, 2011, subject to the satisfaction of customary closing conditions.

Roth Capital Partners is acting as sole book-running manager for the offering and Madison Williams and Company is acting as co-manager.

Palatin intends to use the proceeds from this offering for general corporate purposes and working capital, including its clinical trial program with bremelanotide for female sexual dysfunction, and secondarily for its PL-3994 development programs for asthma and a development program for new peptides for sexual dysfunction.

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