Palatin Technologies, Inc. Presents Data on Obesity Compounds; Palatin Compounds Effect Decrease in Food Intake & Body Weight in Preclinical Studies.

Business Editors/Health/Medical Writers

CRANBURY, N.J.--(BUSINESS WIRE)--June 14, 2004

Palatin Technologies, Inc. (AMEX: PTN) today announced that data on the activity of its lead series of melanocortin receptor, small molecule agonists, under development for the treatment of obesity, were presented at the 8th Annual American Neuroendocrine Society (ANS) Neuroendocrine Workshop. The ANS Workshop, titled "Neuroendocrinology of Energy Balance and Obesity," took place June 13, 2004 at the Hotel Monteleone in New Orleans, LA.

"We are pleased to participate in the American Neuroendocrine Society's annual event," said Carl Spana, Ph.D., president and chief executive officer, Palatin Technologies. "Obesity and metabolic syndrome are afflictions that affect tens of millions of adults and children and pose a serious long-term threat to their health and welfare. Using our patented drug discovery platform technology, MIDAS(TM) (Metal Ion-induced Distinctive Array of Structures), we have recently identified a series of lead compounds that decrease food intake and body weight in normal and genetically-obese animals. This is an important milestone for us because it shows that we are making progress in leveraging our proprietary technologies and in-depth knowledge of melanocortin receptors to enhance our development pipeline. The preclinical data presented at the ANS event support further development of our compounds for the treatment of obesity in humans."

About Palatin Technologies, Inc.

Palatin Technologies, Inc. (AMEX: PTN) is a development-stage biopharmaceutical company focused on discovering and developing melanocortin (MC)-based therapeutics. The company is currently conducting clinical investigations with its lead drug PT-141, an MC receptor agonist, for the treatment of male and female sexual dysfunction. Palatin is also developing a product for infection imaging, NeutroSpec(TM), based on a proprietary radiolabeled monoclonal antibody. Palatin's patented drug discovery platform, MIDAS(TM), streamlines the drug design process with an efficient approach to identify lead compounds from protein targets for drugs. 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. Palatin's actual results may differ materially from its historical results of operations and those discussed in the forward-looking statements for various reasons, including, but not limited to the Company's ability to carry out its business plan, successful development and commercial acceptance of its products, ability to fund development of technology, the risk that products may not result from development activities, protection of its intellectual property, ability to establish and successfully complete clinical trials for product approval, need for regulatory approvals, dependence on its partners for development of certain projects, and other factors discussed in the Company's periodic filings with the Securities and Exchange Commission. The Company is not responsible for events not updated after the date on this press release.