Annual Shareholders' Meeting Results and Management Changes.

Business Editors and Health/Medical Writers

PRINCETON, N.J.--(BUSINESS WIRE)--Dec. 6, 2000

Palatin Technologies Inc. (AMEX:PTN) Wednesday announced the results of its annual shareholders' meeting which occurred in November 2000 and several management changes.

All nominated directors were elected by the company's shareholders. Shareholders also adopted the amendment to increase the number of shares available for issuance under the company's stock option plan and ratified the appointment of Arthur Andersen, LLP as the company's independent certified public accountants for the fiscal year ending June 30, 2001.

The company stated that Carl Spana, Ph.D. and John Prendergast, Ph.D., who have been serving as interim president/CEO and chairman, respectively, since June 13, 2000, have accepted permanent appointments to these positions. Additionally, effective Dec. 1, 2000, Charles Putnam, in agreement with management and the board of directors, has resigned as chief operating officer and as a director.

His duties and responsibilities will be assumed by Spana and Stephen T. Wills, chief financial officer. The Palatin board of directors is now composed of Prendergast, Spana, Robert deVeer and Kevin Flannery.

Prendergast commented: "The board welcomes the election of Mr. Flannery, who had served as an appointed director since last March. He has brought a wealth of financial, Wall Street and investor experience that will greatly assist the company as it continues to finance the growth of its research and development platforms."

Since 1992, Flannery has served as president of Whelan Financial Corp., a consulting and investment firm. Flannery previously served as a senior managing director at Bear, Stearns & Co. and prior to that as a senior trader at Goldman, Sachs & Co.

Spana stated, "I am extremely pleased that the board has expressed their confidence in me through my appointment as the president and CEO." Noted Spana, "We have initiated a search for a new senior executive as well as a number of additional personnel as we expand our R&D activities, including expansion plans to increase the size of our research facility.

"With the newly elected board, management changes and the recent raising of $15 million, we have completed the initial steps of our corporate strategy to reposition Palatin as a more defined research and development company."

Palatin Technologies is a development-stage medical technology company developing and commercializing pharmaceutical products based on its enabling peptide platform technologies and proprietary monoclonal antibody radio labeling. For further information visit the Palatin Web site at www.palatin.com

Statements about the company's future expectations, including development and regulatory plans, and all other statements in this document other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the company's actual results could differ materially from expected results.