The election of seven directors to Palatin’s Board of Directors, the appointment of KPMG LLP as Palatin’s independent registered public accounting firm for fiscal year ending June 30, 2011 and the ratification of Palatin’s 2011 Stock Incentive Plan.

Regarding revenues, for the quarter ended March 31, 2011, we had $0.1 million of contract revenue recognized under agreement with AstraZeneca compared to $2.6 million for the same period in 2010. For the quarter ended March 31, 2011, total operating expenses were $2.7 million compared to $4.6 million for the comparable quarter of 2010. The decrease in operating expenses for the quarter was primarily related to our previously disclosed realignment of resources.

At March 31, 2011, Palatin’s cash and cash equivalents were $22 million, compared to cash and cash equivalents of $8.9 million at June 30, 2010. We anticipate, based on our current operating plan, being able to fund our operations through calendar year 2012. Having strong position on our balance sheet eliminates the need and distraction of quarterly or semi-annual fund raising and allows us to focus our efforts on the advancement of our programs.

Carl Spana

Thank you, Steve. An update on our programs. First up is our obesity and diabetes in melanocortin-4 receptor program which is partnered with AstraZeneca. As I’m sure, you are all aware obesity is a major health issue. A recent report by Thomson Reuters noted the following. Obesity is the global epidemic of the 21 century. The Center for Disease Control h as declared it to be the number one health threat in the United States. At the present time, worldwide, there are over 1 billion adults overweight, with 300 million classified as clinically obese. By 2015, the world’s organization predicts these figures to rise to 2.3 billion overweight and 700 million clinically obese adults. We believe the therapeutics that target receptor have the potential to demonstrate safety and efficacy required for approval and dramatically impact the treatment of obesity.

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