"I am glad to see companies like AstraZeneca stepping up to support important health needs of Philadelphians. This program will make care at our centers more comprehensive and helps make the city a healthier place to live," said Mayor Michael Nutter.

"During these tough economic times for both patients and government agencies, I am delighted to announce this public-private collaboration between AstraZeneca and the City of Philadelphia to bring free medications to those most in need, who use our health centers," said Donald F. Schwarz, MD, MPH, Health Commissioner, the Philadelphia Department of Public Health. "With the help of companies like AstraZeneca, we can reduce the barriers that often lead to some patients doing without medicines that are critical to their health."

The Philadelphia Department of Public Health operates eight health centers located in neighborhoods throughout the city. It is the mission of the health centers to provide high quality, comprehensive health care to all Philadelphians regardless of their insurance status.

The services provided by the health centers include primary and preventive care for adults and children as well as key public health services. The Philadelphia Department of Public Health aims to protect and promote the health of all Philadelphians through the delivery of services at the health centers.

"At AstraZeneca, we want to go beyond making innovative medicines to making sure that the people who need these medicines can get them," said Jennifer McGovern, Director, Patient Assistance Programs, AstraZeneca Pharmaceuticals LP. "We look forward to partnering with the Philadelphia Department of Public Health to improve the health of our local community."

In 2008, AstraZeneca provided $13.7 million in savings to more than 8,300 patients in Pennsylvania. Nationally, the company helped more than 440,000 patients save $612 million on their medicines.

The AZ&Me(TM) Prescription Savings program for healthcare facilities provides medicines free of charge to community free clinics, community health centers, hospitals and other qualifying facilities that serve the uninsured. The program is available to non-profit organizations that have a licensed outpatient pharmacy or dispensary on site and meet other program criteria. Patients are eligible for AstraZeneca medicines through this program if they do not have prescription drug coverage and have a household income at or below $30,000 for an individual, or $60,000 for a family of four.

"The City's budget crisis has forced us to find creative ways to maintain services to those in greatest need," said Dr. Thomas P. Storey, MD, MPH, Director of the City Health Centers. "We are grateful to AstraZeneca for their prescription savings program which will provide free medications to low income health center patients, many of whom have complex health care needs."

With this program, AstraZeneca builds on its more than 30-year history of helping patients afford the medicines they need.

To learn if your organization qualifies for the AZ&Me(TM) Prescription Savings program for healthcare facilities, please call 1-866-325-8198. Program specialists are available Monday through Friday between the hours of 9:00 AM and 5:00 PM EST.

Prescription savings programs are available regardless of which medications your doctors prescribe. To find out more about the more than 475 savings programs covering 2,500 medications, please visit www.pparx.org or call 1-888-4PPA-NOW (1-888-477-2669).

About AstraZeneca

AstraZeneca is engaged in the research, development, manufacturing and marketing of meaningful prescription medicines and in the supply of healthcare services. AstraZeneca is one of the world's leading pharmaceutical companies with global healthcare sales of $31.6 billion and is a leader in gastrointestinal, cardiovascular, neuroscience, respiratory, oncology and infectious disease medicines. In the United States, AstraZeneca is a $13.5 billion dollar healthcare business. For more information about AstraZeneca in the US or our AZ&Me(TM) Prescription Savings programs, please visit: www.astrazeneca-us.com .

About the Philadelphia Department of Health

In 1969 the city of Philadelphia opened its first primary care health center in North Philadelphia, which provided comprehensive health care services in addition to the traditional public health services. Since that time 7 other health centers have been established in neighborhoods throughout the city. The health centers provide residents access to comprehensive quality healthcare services, regardless of insurance status. Annually, the health centers deliver services to close to 90,000 Philadelphians and conduct over 349,000 visits. Over half of the patients seen are uninsured, however, annually counselors at the health centers interview approximately 24,000 patients for insurance coverage and successfully enroll 2,500 patients into a health insurance plan. The health centers recognize the diversity of their patient population. Currently, on site interpreters are available at three health centers and dual hand set phones for interpretations are available at all eight health centers. A total of 36 languages are spoken in the health centers. With the increasing demand for services the health centers continue to explore ways to improve the quality and delivery of healthcare services and remain committed to their mission.

The health centers provide services on both an appointment and walk-in basis, however appointments are preferred. New patients are required to submit verification of city residency and income. Insurance information, if applicable should also be submitted.

For general information about available services, or to find out where a Health Care Center in your area is located, contact: (215) 685-6790, Monday - Friday, 8:30 am - 5 pm.

SOURCE AstraZeneca

This submission is based on the results of a comprehensive program, including data from PLATO (A Study of Platelet Inhibition and Patient Outcomes), the Phase III head-to-head trial comparing ticagrelor plus aspirin with clopidogrel (Plavix(R)) plus aspirin.

Acute coronary syndrome (ACS) is an umbrella term for conditions that result from a reduction in blood flow to the heart muscle.(1) These conditions range from unstable angina (chest pain) to myocardial infarction (heart attack).(2) According to the American Heart Association, ACS affects an estimated 1.4 million people in the United States, every year.(3) It is estimated that one in three ACS patients will die, have another heart attack or be hospitalized again within six months of the first cardiovascular event.(4)

Ticagrelor is the first reversibly binding oral P2Y12 adenosine diphosphate (ADP) receptor antagonist. ADP receptor antagonists inhibit the action of platelets in the blood to prevent platelets from sticking together, thereby reducing recurrent thrombotic events.

About the PLATO study

PLATO was an international head-to-head outcomes study of ticagrelor versus clopidogrel to establish whether ticagrelor can achieve meaningful cardiovascular and safety endpoints in ACS patients. The phase III study investigated whether the inhibition of platelet aggregation seen with ticagrelor in phase II trials could lead to a reduction of cardiovascular events in the full spectrum of ACS patients, which includes patients hospitalized for unstable angina, non-ST segment elevation myocardial infarction (NSTEMI) and ST segment elevation myocardial infarction (STEMI).

PLATO involved 18,624 ACS patients in 43 countries and was designed to provide a comprehensive analysis of efficacy, safety and tolerability of ticagrelor. The study design reflected real world clinical practice by enrolling the full spectrum of ACS patients within 24 hours of their index event, and evaluating their outcomes regardless of whether they were medically managed or underwent invasive procedures such as PCI or coronary artery bypass graft (CABG) surgery.

The PLATO results were presented at the European Society of Cardiology (ESC) annual meeting in August 2009 and simultaneously published in the New England Journal of Medicine.(5) The PLATO study design of was published in the April 2009 edition of the American Heart Journal.(6)

About Ticagrelor (BRILINTA(TM))

Ticagrelor (BRILINTA(TM)) is an investigational oral antiplatelet treatment for ACS and the first in a new chemical class, the CPTPs (cyclo-pentyl-triazolo-pyrimidines). Ticagrelor is chemically distinct from the thienopyridines, such as clopidogrel and prasugrel.

AstraZeneca has proposed the name BRILINTA.(TM) If approved by the FDA, it will serve as the trade name for ticagrelor. BRILINTA is a trademark of the AstraZeneca group of companies.

About AstraZeneca

AstraZeneca is engaged in the research, development, manufacturing and marketing of meaningful prescription medicines and in the supply of healthcare services. AstraZeneca is one of the world's leading pharmaceutical companies with global healthcare sales of $31.6 billion and is a leader in gastrointestinal, cardiovascular, neuroscience, respiratory, oncology and infectious disease medicines. In the United States, AstraZeneca is a $13.5 billion dollar healthcare business.

For more information about AstraZeneca in the US or our AZ&Me(TM) Prescription Savings programs, please visit: www.astrazeneca-us.com.

References

    1. American Heart Association:
       http://www.americanheart.org/presenter.jhtml?identifier=3010002. Acute
       Coronary Syndromes. Paragraph 1, Lines 1 - 5
    2. American Heart Association:
       http://www.americanheart.org/presenter.jhtml?identifier=4438.
       Antiplatelet Agents. Paragraph 2, Lines 1 - 2.
    3. American Heart Association:
       http://www.americanheart.org/presenter.jhtml?identifier=3010002. Acute
       Coronary Syndromes. Paragraph 3, Lines 3 - 5
    4. National Institute of Health: Heart Health - Heart Disease: Symptoms,
       Diagnosis and Treatment; What is Acute Coronary Syndrome. Paragraph 2,
       Line 1;
       http://www.nlm.nih.gov/medlineplus/magazine/issues/winter09/articles/wint
       er09pg25-27.html
    5. Lars Wallentin, M.D., Ph.D., Richard C. Becker, M.D., et al. Ticagrelor
       versus Clopidogrel in Patients with Acute Coronary Syndromes N Engl J Med
       2009;361

    6. James S, Akerblom A, Cannon C et al, Comparison of ticagrelor, the first
       reversible oral P2Y12 receptor antagonist, with clopidogrel in patients
       with acute coronary syndromes: Rationale, design, and baseline
       characteristics of the PLATelet inhibition and patient Outcomes (PLATO)
       trial Am Heart J 2009;157:599-605

SOURCE AstraZeneca

http://www.astrazeneca-us.com

In September 2009, Palatin and AstraZeneca signed an amendment to their exclusive research collaboration and license agreement to discover, develop and commercialize compounds that target melanocortin receptors for treatment of obesity and related indications. Under the terms of the amendment to the parties' collaboration agreement, AstraZeneca has agreed to make a $2.5 million payment (received October 2009) and, subject to completion of certain tasks relating to the program, $2.5 million in the first quarter of calendar year 2010. Under the amendment, the terms of the original collaboration and license agreement signed in January 2007 relating to milestone payments and royalty rates were restructured.

As of September 30, 2009, Palatin's cash, cash equivalents and investments totaled $7.7 million, compared to $7.8 million at June 30, 2009.

LICENSE AND CONTRACTS

For the quarter ended September 30, 2009, Palatin recognized $3.7 million of contract revenue under its collaboration agreement with AstraZeneca, compared to $746,000 for the same period in 2008. Based on the September 2009 amendment, Palatin will provide research services to AstraZeneca through January 2010. Accordingly, contract revenue is being recognized over the estimated remaining performance period.

COSTS AND EXPENSES

Total operating expenses for the quarter ended September 30, 2009 were $3.8 million compared to $5.1 million for the comparable quarter of 2008, primarily due to a strategic restructuring and refocusing of Palatin's clinical-stage development programs.

Palatin Technologies' management will discuss the first quarter financial results for the fiscal year ending June 30, 2010 and provide an update on corporate developments during a conference call and webcast on November 16, 2009 at 11:00 a.m. ET.

Conference Call / Webcast

Palatin will host a conference call and webcast on November 16, 2009 at 11:00 a.m. Eastern Time to discuss its first quarter of fiscal year 2010 financial results. Individuals interested in listening to the conference call live can dial 888-801-6504 (domestic) or 913-312-4376 (international), passcode 8561334. The webcast and replay can be accessed by logging on to the "Investor/Media Center-Webcasts" section of Palatin's website at http://www.palatin.com. A telephone and webcast replay will be available approximately one hour after the completion of the call. To access the telephone replay, dial 888-203-1112 (domestic) or 719-457-0820 (international), passcode 8561334. The webcast and telephone replay will be available through November 23, 2009.

About Palatin Technologies, Inc.

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.

Forward-looking Statements

Statements about future expectations of Palatin Technologies, Inc., 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. 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 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.

                           PALATIN TECHNOLOGIES, INC.
                                 and Subsidiary

                     Consolidated Statements of Operations
                                 (unaudited)

                                   Three Months Ended September 30,
                                   -------------------------------
                                          2009           2008
                                          ----           ----

        REVENUES                       $3,662,619      $753,846
                                       ----------      --------

        OPERATING EXPENSES:
          Research and development      2,669,564     3,657,999
          General and administrative    1,153,731     1,456,848
                                        ---------     ---------
            Total operating expenses    3,823,295     5,114,847
                                        ---------     ---------

            Loss from operations         (160,676)   (4,361,001)
                                         --------    ----------

        OTHER INCOME (EXPENSE):
          Investment income                33,312        82,980
          Interest expense                 (4,701)       (4,494)
          Gain on sale of supplies         95,000             -
                                           ------        ------
            Total other income, net       123,611        78,486
                                          -------        ------

        NET LOSS                         $(37,065)  $(4,282,515)
                                         ========   ===========

        Basic and diluted net loss
         per common share                  $(0.00)       $(0.05)
                                          =======       =======

        Weighted average number of
         common shares outstanding
         used in computing basic
         and diluted net loss
         per common share              91,306,223    85,524,316
                                       ==========    ==========

                           PALATIN TECHNOLOGIES, INC.
                                and Subsidiary

                         Consolidated Balance Sheets
                                 (unaudited)

                                              September 30,       June 30,
                                                  2009             2009
                                              -------------    ------------
    ASSETS
    Current assets:
      Cash and cash equivalents                 $4,188,173     $4,378,662
      Available-for-sale investments             3,466,673      3,439,650
      Accounts receivable                        3,233,278        508,528
      Prepaid expenses and other
       current assets                              364,239        492,824
                                                   -------        -------
          Total current assets                  11,252,363      8,819,664

    Property and equipment, net                  3,338,705      3,650,783
    Restricted cash                                475,000        475,000
    Other assets                                   250,022        254,364
                                                   -------        -------
          Total assets                         $15,316,090    $13,199,811
                                               ===========    ===========

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
      Capital lease obligations                    $45,154        $87,675
      Accounts payable                             410,984        206,363
      Accrued expenses                           1,048,974      1,420,741
      Deferred revenue                           6,311,416      6,955,553
                                                 ---------      ---------
          Total current liabilities              7,816,528      8,670,332

    Capital lease obligations                       29,224         33,954
    Deferred rent                                1,056,673      1,182,026
                                                 ---------      ---------
          Total liabilities                      8,902,425      9,886,312
                                                 ---------      ---------

    Stockholders' equity:
         Preferred stock of $.01 par value
          - authorized 10,000,000 shares;
           Series A Convertible; issued and
            outstanding 4,997 shares as of
            September 30, 2009 and June 30,
            2009, respectively                          50             50
         Common stock of $.01 par value -
          authorized 150,000,000 shares;
          issued and outstanding
          96,155,249 and 86,662,901 shares
          as of September 30, 2009 and
          June 30, 2009, respectively              961,552        866,629
      Additional paid-in capital               212,727,664    209,712,379
      Accumulated other comprehensive
       income                                      143,134        116,111
      Accumulated deficit                     (207,418,735)  (207,381,670)
                                              ------------  -------------
          Total stockholders' equity             6,413,665      3,313,499
                                                 ---------      ---------
          Total liabilities and
           stockholders' equity                $15,316,090    $13,199,811
                                               ===========    ===========

SOURCE Palatin Technologies, Inc.

http://www.palatin.com