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Errol DeSouza, Ph.D. Joins Palatin Technologies, Inc. Board of Directors.

Business Editors/Health/Medical Writers

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CRANBURY, N.J.--(BUSINESS WIRE)--April 8, 2003

Palatin Technologies, Inc. (AMEX:PTN) announced today that Errol DeSouza, Ph.D. has joined Palatin's Board of Directors.

"We are very pleased to welcome Dr. DeSouza, President and Chief Executive Officer of Archemix Corporation, to the Palatin Board of Directors," said Dr. John Prendergast, chairman of the board. "His distinguished career, encompassing executive and senior management positions in pharmaceutical and biotechnology companies, makes him a key addition to our existing board. We believe his skill set in drug discovery and development and strategic planning will serve Palatin well as we advance our programs and products under development through the preclinical and clinical stages and toward commercialization."

Errol DeSouza, Ph.D. has nearly two decades of experience in the field of drug discovery and development. Dr. DeSouza joined Archemix Corporation, a biopharmaceutical company focused on aptamer therapeutics, on April 1, 2003. Previously, he was President and Chief Executive Officer and Director of Synaptic Pharmaceuticals. As a result of a merger effective March 2003, Synaptic Pharmaceuticals became a wholly owned subsidiary of H. Lundbeck A/S, an international pharmaceutical company. Prior to that, Dr. DeSouza held senior management positions with Aventis, and its predecessor company Hoechst Marion Roussel Pharmaceuticals, and was co-founder of Neurocrine Biosciences, Inc. He is currently a member of the board of directors of several companies and a Professor at the Center for Molecular Biology and Behavioral Neurosciences at Rutgers University.

He has authored and co-authored many books, articles and abstracts and served on numerous committees, including the National Institutes of Health. Dr. DeSouza received his B.A. (Honors) in Physiology and his Ph.D. in Neuroendocrinology from the University of Toronto, Canada and he received his postdoctoral fellowship in Neuroscience from the The John Hopkins School of Medicine, Baltimore, MD.

About Palatin Technologies, Inc.

Palatin Technologies, Inc. (AMEX:PTN) is a biopharmaceutical company engaged in drug design and the development of innovative therapeutics. 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. The company is currently conducting clinical investigations with its lead drug, PT-141, for the treatment of male and female sexual dysfunction, and is developing additional therapeutic compounds discovered using its enabling peptide platform technology MIDAS to treat obesity, sexual dysfunction and inflammation. Additionally, Palatin is developing a product for infection imaging, LeuTech(R), based on a proprietary radiolabeled monoclonal antibody. 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.
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Publication:Business Wire
Geographic Code:1USA
Date:Apr 8, 2003
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