Results of Palatin Technologies' PT-141 Phase 2b Study in Men with Erectile Dysfunction to be Presented at American Urological Association Annual Meeting.

Business Editors/Health/Medical Writers

CRANBURY, N.J.--(BUSINESS WIRE)--May 10, 2004

Palatin Technologies, Inc. (AMEX:PTN) is pleased to announce that Hunter Wessells, M.D., FACS, Associate Professor with the Urology Clinic of the University of Washington, Harborview Medical Center, will present the results of its PT-141 Phase 2b study at the American Urological Association (AUA) Annual Meeting. The meeting is taking place in San Francisco May 8 - 13, 2004.

The presentation is titled "At-home Efficacy of an Intranasally Administered Melanocortin Receptor Agonist, PT-141, in Men with Erectile Dysfunction." Dr. Wessells will present at a podium session titled "Sexual Function/Dysfunction/ Andrology: Medical and Non-Surgical Therapy (II)" on Monday, May 10 at 2:10 p.m. PDT.

Palatin's Phase 2B study was designed to examine safety and efficacy for male erectile dysfunction (ED) across a range of intranasally administered doses of PT-141 in an at-home environment. A total of 271 patients were enrolled in the study, ranging in age from 21-70 years, all suffering from moderate to severe ED.

""As a practicing urologist treating ED patients as one of my main specialties, I am encouraged by the efficacy and safety data demonstrated by PT-141 in this trial. This unique therapy provides a novel treatment that I believe has the potential to treat a broad range of patients, including those with severe ED," said Dr. Wessells.

"The AUA's Annual Meeting is the largest meeting of urologic professionals in the world and we are delighted that Dr. Wessells has been selected to present the Phase 2b data on PT-141. We continue to move PT-141's development program ahead and look forward to establishing PT-141 as an effective alternative to existing ED treatments," said Carl Spana, Ph.D., president and chief executive officer of Palatin Technologies.

About Erectile Dysfunction (ED)

ED is defined as the consistent inability to attain and maintain an erection sufficient for sexual intercourse. The condition is correlated with increasing age, cardiovascular disease, hypertension, diabetes, hyperlipidemia and smoking. In addition, certain prescription drugs and psychogenic issues may contribute to ED. It is estimated that some degree of ED affects one half of all men over the age of 40 and that 150 million men worldwide suffer from ED.

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, 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.