Palatin Technologies, Inc. press release dated

PALATIN TECHNOLOGIES,

INC. TO RAISE $ 27.5 MILLION

IN COMMON STOCK OFFERING

CRANBURY, NJ February 13, 2007

Palatin Technologies, Inc. (AMEX: PTN) announced today that it has priced an

underwritten offering of 13.75 million shares of its common stock at $2.00 per share, for

$27.5 million in gross proceeds, before commissions and expenses. Palatin expects the net

proceeds from the sale of the shares will be approximately $25.5 million. Under the terms

of the financing, the underwriter has agreed to purchase the shares from Palatin. All

shares of the common stock offered by Palatin are to be issued pursuant to effective shelf

registration statements on Form S-3. The closing of the offering is scheduled to occur on

or about February 15, 2007 and is subject to customary closing conditions.

Pacific Growth Equities, LLC acted as

the sole underwriter for this offering. Copies of the prospectus supplement and

accompanying base prospectus relating to this offering may be obtained from Pacific Growth

Equities, at One Bush Street, Suite 1700, San Francisco, California 94104.

Rodman & Renshaw, LLC acted in an

advisory capacity to Palatin, and will receive an advisory fee in connection with the

This press release shall not

constitute an offer to sell or the solicitation of an offer to buy nor shall there be any

sale of the securities in any state or jurisdiction in which such offer, solicitation or

sale would be unlawful prior to registration or qualification under the securities laws of

any such state or jurisdiction.

Palatin Technologies, Inc. is a

biopharmaceutical company focused on discovering and developing targeted,

receptor-specific small molecule and peptide 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 fuelling product

development. Palatin s strategy is to develop products and then form marketing

collaborations with industry leaders in order to maximise their commercial potential. To

date, the Company 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.

Statements about the Company s

future expectations, including statements about 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. The Company intends that

such forward-looking statements shall 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 , 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 of this press release.