FOR RELEASE MARCH 5, 2009 at 7:30 a.m. ET Palatin Technologies' Listing Compliance Plan Accepted by NYSE Alternext

FOR RELEASE MARCH 5,

2009 at 7:30 a.m. ET

Palatin Technologies'

Listing Compliance Plan Accepted by NYSE Alternext US

CRANBURY, NJ March 5, 2009

Palatin Technologies, Inc. (NYSE Alternext US: PTN) reported that its exchange

listing compliance plan submitted on January 23, 2009 has been accepted by the NYSE

Alternext US LLC (the "Exchange," formerly known as the American Stock Exchange).

As reported on December 30, 2008,

Palatin received notice from the Exchange that it

was not in compliance with certain continued listing requirements under Sections

1003(a)(ii) and (iii) of the Exchange's Company Guide related to historical operating

losses and shareholders' equity levels. This notice is described in more detail in

Palatin's report on Form 8-K which was filed on December 30, 2008.

On February 27, 2009, the Exchange

notified Palatin that it had accepted Palatin's

plan for regaining compliance with the continued listing requirements of Sections

1003(a)(ii) and (iii), and that Palatin's listing on the Exchange was being continued

pursuant to an extension.

Palatin may be able to continue

its listing on the Exchange during the plan period

through June 23, 2010, subject to periodic review by the Exchange to determine if

Palatin is making progress consistent with the plan. Failure to make progress

consistent with the plan or to regain compliance with the continued listing standards

by June 23, 2010 could result in Palatin's shares being delisted from the Exchange.

If Palatin's common stock was ultimately delisted from the Exchange, it would be

expected to trade on the over-the-counter market, such as the OTC Bulletin Board

securities market, a regulated quotation service that provides quotes, sale prices

and volume information in over-the-counter equity securities.

Palatin Technologies, Inc. is a

biopharmaceutical company focused on discovering and developing targeted,

receptor-specific small molecule and peptide therapeutics. Palatin s strategy is to

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

maximize their commercial potential. For additional information regarding Palatin, please

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

Statements about future expectations

of Palatin Technologies, Inc., including statements about performance

related to the plan for regaining compliance with Exchange continued listing

requirements, its development programs,

proposed indications for its product candidates, pre-clinical activities, marketing

collaborations, 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. Palatin 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 Palatin 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 protect its intellectual

property, and other factors discussed in the Palatin s periodic filings with the

Securities and Exchange Commission. Palatin is not responsible for updating for events

that occur after the date of this press release.