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Palatin Technologies' CEO Discusses F4Q12 Results - Earnings Call Transcript

Steve Wills

Thank you, Carl, and good morning everyone. Regarding our financial operating results, Palatin’s net loss for the quarter ended June 30, 2012 was $5.3 million or $0.14 per basic and diluted share compared to a net loss of $3.3 million or $0.09 per basic and diluted share for the quarter ended June 30, 2011.

For the year ended June 30, 2012, we reported a net loss of $17.3 million or $0.49 per basic and diluted share compared to a net loss of $12.8 million or $0.64 per basic and diluted share for the year ended June 30, 2011. The change in net loss for the quarter and year ended June 30, 2012 compared to the net loss for the same period of last fiscal year, was primarily the result of costs related to our ongoing Phase 2B clinical trial with bremelanotide for female sexual dysfunction.

In addition, in the quarter ended June 30, 2011, Palatin recognized $1.3 million of non-cash, non-operating income related to our March 2011 public offering, which represented the change to the warrant liability accounting.

Regarding revenue, total revenue for the quarter ended June 30, 2012 which consisted entirely of amounts recognized under our obesity collaboration with AstraZeneca, was $11,000 compared to $155,000 for the quarter ended June 30, 2011. Revenue for the quarter ended June 30, 2011 consisted mainly of grant revenue pursuant to the Patient Protection and Affordable Care Act of 2010, commonly referred to as Section 48D, and also amounts recognized from AstraZeneca.

Total revenues for the year ended June 30, 2012 were $74,000 and consisted entirely of amounts recognized from our collaboration with AstraZeneca. Total revenues for the year ended June 30, 2011 were $1.5 million and consisted of $1 million of grant revenue pursuant to Section 48D, and the remainder from AstraZeneca.

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