Palatin Technologies Announces Listing and Trading On American Stock Exchange.

Business Editors

PRINCETON, N.J.--(BUSINESS WIRE)--Dec. 21, 1999

Palatin Technologies Inc. (AMEX:PTN) Tuesday announced that its common stock has been approved for listing on the American Stock Exchange and trading will commence under the symbol PTN, effective Dec. 21, 1999.

The company's common stock had previously been listed and traded on the Nasdaq SmallCap Market(TM) under the symbol PLTN. According to Palatin Chief Financial Officer, Stephen T. Wills, "We are confident that the listing of Palatin's common shares on the AMEX will increase our liquidity and visibility to the markets and facilitate more orderly trading for our shareholders."

The American Stock Exchange is the second largest and most technologically advanced floor-based exchange, and has significant presence in common stocks, index shares and equity derivative securities. On the AMEX, trading is conducted through an advanced centralized Specialist system, which combines the speed of computer delivered orders with the liquidity of customer driven markets.

In November Palatin filed with the FDA for approval to market LeuTech(TM) the company's lead product for imaging sites of infection. Earlier in the year the company announced its agreement with St. Louis-based Mallinckrodt (NYSE:MKG) to sell and market LeuTech. Palatin also recently announced its intent to merge with Molecular BioSystems (NYSE:MB) of San Diego.

In merging with MBI, Palatin will acquire OPTISON(R) the first and only FDA approved ultrasound contrast agent. OPTISON(R) is approved to enhance ultrasound images of the heart and is also marketed by Mallinckrodt Inc.

Palatin Technologies Inc. is a development-stage medical technology company involved in developing and commercializing products and technologies for diagnostic imaging, cancer therapy and ethical drug development based on its proprietary monoclonal antibody radiolabeling and enabling peptide platform technologies.

For further information visit the Palatin Web site at www.palatin.com. For Palatin investor information, visit the Allen & Caron Inc. Web site at www.allencaron.com.

Statements about the company's future expectations, including closing of the merger, product development, the quality of product portfolios, regulatory plans, timing of FDA reviews, FDA clearances, sales volumes, market acceptance of products 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.