DATED AUGUST 30, 2007 N E W S R E L E A S E

FOR RELEASE August 30,

KING PHARMACEUTICALS

AND PALATIN TECHNOLOGIES

DELAY IMMEDIATE PLANS FOR PHASE 3 CLINICAL PROGRAM WITH

BREMELANOTIDE FOR ERECTILE DYSFUNCTION

CRANBURY, N.J. and BRISTOL, Tenn.,

August 30, 2007 Palatin Technologies, Inc. (Amex: PTN) and King Pharmaceuticals,

Inc. (NYSE: KG) announced today that they have delayed plans for the initiation of Phase 3

clinical trials with bremelanotide, a first in class melanocortin agonist drug candidate,

for the treatment of male erectile dysfunction (ED). The decision follows responses from

representatives of the U.S. Food and Drug Administration (FDA), which raised serious

concerns about the acceptable benefit/risk ratio to support the progression of the

proposed program into Phase 3 studies for ED.

After reviewing the data generated in

the Phase 1 and 2 studies, the FDA questioned the overall efficacy results and the

clinical benefit of this product in both the general and diabetic ED populations, and

cited blood pressure increases as its greatest safety concern. Though not supportive of

the proposed Phase 3 studies for ED with bremelanotide, the FDA stated that it was

amenable to proposals for a different drug development pathway, such as for a second-line

therapy in non-responders to currently approved PDE-5 inhibitors.

The safety of patients in our

clinical program has always been our number one priority and we will work closely with the

FDA, King, and our advisors to determine the next steps for the program, stated Carl

Spana, Ph.D., President and Chief Executive Officer of Palatin.

Palatin and King plan to review the

FDA comments in the overall context of the program in order to determine next steps

related to the further development of bremelanotide for the treatment of 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.

Palatin Technologies, Inc. is a

biopharmaceutical company focused on discovering and developing targeted,

receptor-specific small molecule and peptide therapeutics. Palatin 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, Palatin has entered into collaborations with AstraZeneca, King

Pharmaceuticals, and Tyco Healthcare Mallinckrodt. For additional information regarding

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

Pharmaceuticals, Inc.

King, headquartered in Bristol,

Tennessee, is a vertically integrated branded pharmaceutical company. King, an S&P 500

Index company, seeks to capitalize on opportunities in the pharmaceutical industry through

the development, including through in-licensing arrangements and acquisitions, of novel

branded prescription pharmaceutical products in attractive markets and the strategic

acquisition of branded products that can benefit from focused promotion and marketing and

product life-cycle management.

PALATIN TECHNOLOGIES,

4C CEDAR BROOK DRIVE, CRANBURY, NEW JERSEY 08512

KING PHARMACEUTICALS,

501 FIFTH STREET, BRISTOL, TENNESSEE 37620