Steve Wills

Thank you, Carl. Good morning everyone. Regarding the financial update Palatin’s net loss for the quarter ended June 30, 2011 was $3.3 million or $0.09 per basic and diluted share compared to a net loss of $4.2 million or $0.40 per basic and diluted share for the same period in 2010. The change in net loss for the quarter ended June 30, 2011 compared to the net loss for the quarter ended June 30, 2010 was primarily attributable to $1.3 million of non-cash non-operating income, which represents the decrease in estimated fair value of the warrant liability from March 31, 2011 through May 11, 2011, which is the date the warrant seized to be classified as a liability on stock holder approval of the increase in authorized common stock.

For the year ended June 30, 2011 we reported a net loss of $12.8 million or $0.64 per basic and diluted share, compared to a net loss of $1.8 million or $0.18 per basic and diluted share for the year ended June 30, 2010. The change in net loss for the year ended June 30, 2011 compared to the net loss for the year ended June 30, 2010 was primarily attributable to a decrease in revenue recognized under Palatin’s research, license and clinical trial collaboration agreements with AstraZeneca as a result of the successful completion of the research collaboration portion of the agreements.

Regarding revenue, total revenues for the quarter as of June 30, 2011 were $0.2 million mainly consisting of grant revenue pursuing to the Patient Protection and Affordable Care Act of 2010 commonly referred to as Section 48D, compared to $0.7 million for the same period in 2010 consisting entirely of amounts recognized under our license and collaboration agreements with AstraZeneca.

Total revenues for the year ended June 30, 2011 were $1.5 million consisting of $1 million of grant revenue pursuant to Section 48D and remainder from our collaboration with AstraZeneca. For the year ended June 30, 2010 total revenues were $14.2 million consisting entirely of amounts recognized from our collaboration with AstraZeneca.

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