Palatin Technologies Reports Revenues Of $11.4m

For the year ended June 30, 2009, Palatin Technologies has reported a total revenues of $11.4m, compared to $11.5m for year ended June 30, 2008. Palatin’s net loss for the year ended June 30, 2009 was $4.8m, or $0.06 per basic and diluted share, compared to a net loss of $14.4m, or $0.17 per basic and diluted share, for the year ended June 30, 2008.

Palatin reported a net loss of $0.2m, or $0.00 per basic and diluted share, for the quarter ended June 30, 2009, compared to a net loss of $5.2m, or $0.06 per basic and diluted share, for the same period in 2008. Total revenues in the quarter ended June 30, 2009 were $4.2m, compared to $1.0m for the same period in 2008.

The decreases in net loss for the year and quarter ended June 30, 2009, was primarily due to a net decrease in operating expenses resulting from strategic restructuring and refocusing of Palatin’s clinical-stage development programs and, for the quarter ended June 30, 2009, an increase in revenue earned under Palatin’s license and clinical trial collaboration agreements with AstraZeneca.