Palatin Technologies, Inc. Reports First Quarter Fiscal Year 2017 Results; Teleconference and Webcast to be held on

Palatin Technologies, Inc. Reports First Quarter

Fiscal Year 2017 Results;

Teleconference and Webcast to be held on November 15,

CRANBURY, NJ November 15, 2016 Palatin

Technologies, Inc. (NYSE MKT: PTN), a biopharmaceutical company developing

targeted, receptor-specific peptide therapeutics for the treatment

of diseases with significant unmet medical need and commercial

potential, today announced results for its first quarter ended

- Under development for Hypoactive

Sexual Desire Disorder (HSDD):

2016 reported positive Phase 3 clinical results - both pivotal

trials met the pre-specified co-primary efficacy endpoints of

improvement in desire and decrease in distress associated with low

sexual desire, reflecting clinical meaningfulness and statistical

patient visits for the efficacy portion of the trials were

completed in the third quarter of calendar year 2016.

Drug Application (NDA) submission to the FDA targeted for the

second half of 2017.

2016, Palatin closed on an underwritten offering of units with

gross proceeds of $9.25 million, with net proceeds, after deducting

offering expenses, of approximately $8.5 million. Palatin

shares of common stock and ten-year prefunded Series I warrants to

purchase 2,218,045 shares of common stock at an exercise price of

H warrants to purchase 10,274,646 shares of common stock at an

exercise price of $0.70 per share

First Quarter Fiscal 2017 Financial Results

Palatin reported a net loss of $(13.1) million, or $(0.08) per

basic and diluted share, for the quarter ended September 30, 2016,

compared to a net loss of $(12.4) million, or $(0.08) per basic and

diluted share, for the same period in 2015.

The difference between the three months ended September 30, 2016

and 2015 was primarily attributable to the increase in expenses

relating to our bremelanotide program for HSDD in the quarter ended

There were no revenues recorded in the quarters ended September 30,

Total operating expenses for the quarter ended September 30, 2016

were $12.4 million compared to $11.8 million for the comparable

quarter of 2015. The increase in operating expenses for the quarter

ended September 30, 2016 was the result of an increase in expenses

primarily relating to our bremelanotide program for

Other Income/Expense

Total other income (expense), net, was $(0.6) million for the

quarters ended September 30, 2016 and 2015 consisting primarily of

interest expense related to venture debt.

Palatin's cash, cash equivalents and investments were $10.2

million as of September 30, 2016, compared to cash and cash

equivalents of $9.4 million at June 30, 2016. Current liabilities

were $20.5 million as of September 30, 2016, compared to $13.9

million as of June 30, 2016.

Palatin believes that existing capital resources will be adequate

to fund our planned operations through the quarter ending December

CONFERENCE CALL / AUDIO WEBCAST

Palatin will host a conference call and audio webcast on November

15, 2016 at 11:00 a.m. Eastern Time to discuss the results of

operations in greater detail and provide an update on corporate

developments. Individuals interested in listening to the conference

call live can dial 1-888-503-8171 (domestic) or 1-719-457-2664

(international), conference ID 9405459. The audio webcast and

replay can be accessed by logging on to the

Investor/Webcasts section of Palatin's website

at http://www.palatin.com. A telephone and audio webcast replay

will be available approximately one hour after the completion of

the call. To access the telephone replay, dial 1-888-203-1112

(domestic) or 1-719-457-0820 (international), passcode 9405459. The

audio webcast and telephone replay will be available through

About Palatin Technologies, Inc.

Palatin Technologies, Inc. is a biopharmaceutical company

developing targeted, receptor-specific peptide therapeutics for the

treatment of diseases with significant unmet medical need and

commercial potential. 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's website at www.Palatin.com.

Forward-looking Statements

Statements in this press release that are not historical facts,

including statements about future expectations of Palatin

Technologies, Inc., such as statements about clinical trial

results, potential actions by regulatory agencies including the

FDA, regulatory plans, development programs, proposed indications

for product candidates and market potential for product candidates,

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. Such forward-looking statements involve known and

unknown risks, uncertainties and other factors that could cause

Palatin's actual results to be materially different from its

historical results or from any results expressed or implied by such

forward-looking statements. Palatin's actual results may

differ materially from those discussed in the forward-looking

statements for reasons including, but not limited to, results of

clinical trials, regulatory actions by the FDA and the need for

regulatory approvals, Palatin's ability to fund development

of its technology and establish and successfully complete clinical

trials, the length of time and cost required to complete clinical

trials and submit applications for regulatory approvals, products

developed by competing pharmaceutical, biopharmaceutical and

biotechnology companies, commercial acceptance of Palatin's

products, and other factors discussed in Palatin's periodic