DATED APRIL 17, 2006 Palatin Technologies, Inc. press release dated

Palatin Technologies,

Inc. Completes $27 Million Offering

CRANBURY, NJ April 17, 2006 Palatin Technologies, Inc. (AMEX:

PTN) announced today that it closed its previously announced sale of 11 million units, each consisting of one share of its common

stock and a warrant to purchase 0.30 shares of its common stock, at a purchase price of $2.44 per unit. The warrants have a

five-year term and an exercise price of $2.88 per share. The securities are registered under Palatin's existing shelf registration

statement on Form S-3. The offering provides gross proceeds of approximately $27 million to the Company. Palatin intends to use

the proceeds from the offering, after deducting offering costs, for general corporate purposes, including the clinical development

of its lead product candidate, bremelanotide.

Palatin Technologies, Inc. is a

biopharmaceutical company primarily engaged in the development of melanocortin-based

therapeutics. The Company s lead product candidate, bremelanotide, is currently in

Phase II clinical trials for both male and female sexual dysfunction. The Company s

internal research and development capabilities, anchored by its proprietary MIDAS

technology, are fueling product development. Palatin s strategy is to develop

products and then form marketing collaborations with industry leaders in order to maximize

their commercial potential. To date, the Company has formed partnerships with Tyco

Healthcare Mallinckrodt and King Pharmaceuticals. For additional information regarding

Palatin, please visit Palatin Technologies website at http://www.palatin.com.

Forward-looking Statements

Statements about the

Company s future expectations, including statements about the Company s use of proceeds, and about its development

programs, proposed indications for its product candidates, pre-clinical activities 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 those discussed in the forward-looking statements for various

reasons, including, but not limited to the Company s ability to fund development of its

technology, ability to establish and successfully complete

clinical trials and pre-clinical studies and the results of those trials and studies, dependence on its partners for certain

development activities, need for regulatory approvals and commercial acceptance of its products, ability to recommence marketing

and gain commercial acceptance of NeutroSpec and ability to protect its intellectual property, and other factors discussed in

the Company s periodic filings with the Securities and Exchange Commission. The Company is not responsible for updating for

events that occur after the date on this press release.