Palatin Technologies, Inc. press release dated

FOR RELEASE May 9, 2005 at 8:00 a.m. EDT

Trevor Hallam, Ph.D.

Joins Palatin Technologies as

President of Research and Development

Cranbury, NJ May 09, 2005

Palatin Technologies, Inc. (AMEX:PTN) today announced the appointment of Trevor

Hallam, Ph.D. to the position of Executive Vice President, Research and Development. In

this position, Dr. Hallam will be responsible for the management and direction of

Palatin s drug discovery and development efforts. Dr. Hallam comes to Palatin

Technologies from AstraZeneca, where, most recently, he held the position of Vice

President Biologics, Global Research and Development.

We are excited to welcome Dr.

Hallam to our executive management team, stated Carl Spana, Ph.D., President and CEO

of Palatin Technologies. Dr. Hallam will be responsible for directing Palatin s

drug discovery research programs as well as the development of our later stage products. I

am confident that, under the leadership of Dr. Hallam, our research & development

programs will continue to yield innovative products with significant commercial

With over 20 years of experience in

drug discovery, drug development and clinical research, Dr. Hallam has an extensive

background in implementing drug discovery strategies, managing large research departments

and building effective relationships with strategic alliance partners.

The opportunity to join a young

growing biopharmaceutical company in a senior position is quite exciting, stated Dr.

Hallam. Palatin is well positioned for growth with its first FDA approved product in

the market, a major partnership for PT-141 and the MIDAS drug discovery platform. I

am confident that my professional experience and management skill, in conjunction with

Palatin s well-established core competencies, will enable the company to achieve

During his 9-year tenure with

AstraZeneca, Dr. Hallam has held several senior management positions, most recently Vice

President Biologics and Vice President Respiratory and Inflammation Discovery Research

within Global R&D. He has also spent a period in the U.S. business as Vice President

Medical Affairs. Dr. Hallam s previous professional experience includes management

positions at Rhone Poulenc Rorer, Hoffman-LaRoche and GlaxoSmithKline. Dr Hallam joined

the pharmaceutical industry after a post-doctoral fellowship at the Physiological

Laboratory, University of Cambridge. He received his Ph.D. in biochemistry from University

of London and his BSc in biochemistry from University of Leeds, UK.

Palatin Technologies, Inc. (AMEX:

PTN) is a biopharmaceutical company focused on discovering and developing melanocortin

(MC)-based therapeutics. NeutroSpec , the Company s proprietary radiolabeled

monoclonal antibody product for imaging and diagnosing infections, has been approved by

the FDA as an imaging agent for the diagnosis of equivocal appendicitis. NeutroSpec is

marketed and distributed by Palatin s strategic collaboration partner, Mallinckrodt

Imaging, a business unit of Tyco Healthcare. The Company is currently conducting clinical

trials with its lead drug candidate, PT-141, an MC receptor agonist, for the treatment of

male and female sexual dysfunction. In August 2004, Palatin entered into a strategic

collaboration agreement with King Pharmaceuticals, Inc. to jointly develop and

commercialize PT-141. Palatin s patented drug discovery platform, MIDAS ,

streamlines the drug design process with an efficient approach to identifying lead

compounds from proteins.

Any statements contained in this

press release that refer to future events or other non-historical matters are

forward-looking statements. Palatin disclaims any intent or obligation to update any

forward-looking statements. Such statements are based on Palatin s expectations as of

the date of this press release and are subject to risks and uncertainties that could cause

actual results to differ materially. Important factors that could cause actual results to

differ from current expectations include, among others: the inherent uncertainty

associated with financial projections; and such risks and uncertainties as detailed from

time to time in Palatin s public filings with the U.S. Securities and Exchange

Commission, including but not limited to, Palatin s Annual Report on Form 10-K for

the year ended June 30, 2004 and its Quarterly Reports on Form 10-Q for the quarterly

periods ended September 30, 2004 and December 31, 2004.