Palatin Technologies (PTN) Announces Publication
Of PT-141 Clinical Trial Results

CRANBURY, N.J.--(BUSINESS WIRE)--Feb. 20, 2004--Palatin Technologies, Inc. (AMEX: PTN - News) announced today that the manuscript titled, "Double-Blind, Placebo-Controlled Evaluation of the Safety, Pharmacokinetic Properties and Pharmacodynamic Effect of Intranasal PT-141, a Melanocortin Receptor Agonist, in Healthy Males and Patients with Mild to Moderate Erectile Dysfunction," was published in The International Journal Impotence Research (IJIR): the Journal of Sexual Medicine (www.nature.com/ijir/). "The publication of this manuscript in IJIR validates the clinical relevance of PT-141 to the medical community that treats patients with erectile dysfunction (ED)," said Carl Spana, Ph.D., Palatin's President and Chief Executive Officer. "We look forward to continuing the clinical development of PT-141 this year to establish the foundation for Phase 3 pivotal trials in early 2005."

Commenting on the manuscript, Perry Molinoff, M.D., Chairman of Palatin's Clinical Advisory Board, explained the relevance of the results. "The results from both Phase 1 and Phase 2A in-clinic 'Rigiscan' studies of intranasal PT-141 strongly support the ability of PT-141 to initiate high quality erections in patients with ED. These trial results supported the decision to evaluate PT-141 in the 'at-home' environment in a subsequent Phase 2B study. Results of the 'at-home' Phase 2B study demonstrated that men with erectile dysfunction taking the intranasally-administered drug, PT-141, reported consistently improved erectile function across all dosing levels."

About PT-141

Palatin Technologies, Inc. (AMEX: PTN - News) is a development-stage biopharmaceutical company focused on discovering and developing melanocortin (MC)-based therapeutics. The company is currently conducting clinical investigations with its lead drug PT-141, an MC receptor agonist, for the treatment of male and female sexual dysfunction. Palatin is also developing a product for infection imaging, LeuTech®, based on a proprietary radiolabeled monoclonal antibody. Palatin's patented drug discovery platform, MIDAS(TM), streamlines the drug design process with an efficient approach to identify lead compounds from protein targets for drugs. For further information, visit the Palatin web site at www.palatin.com.

About Erectile Dysfunction (ED)

ED is defined as the consistent inability to attain and maintain an erection sufficient for sexual intercourse. The condition is correlated with increasing age, cardiovascular disease, hypertension, diabetes, hyperlipidemia and smoking. In addition, certain prescription drugs and psychogenic issues may contribute to ED. It is estimated that some degree of ED affects one half of all men over the age of 40 and that 150 million men worldwide suffer from ED.

About Palatin Technologies, Inc.

Palatin Technologies, Inc. (AMEX: PTN - News) is a development-stage biopharmaceutical company focused on discovering and developing melanocortin (MC)-based therapeutics. The company is currently conducting clinical investigations with its lead drug PT-141, an MC receptor agonist, for the treatment of male and female sexual dysfunction. Palatin is also developing a product for infection imaging, LeuTech®, based on a proprietary radiolabeled monoclonal antibody. Palatin's patented drug discovery platform, MIDAS(TM), streamlines the drug design process with an efficient approach to identify lead compounds from protein targets for drugs. For further information, visit the Palatin web site at www.palatin.com.

Statements about the Company's future expectations, including development and regulatory plans, 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 be subject to the safe harbors created thereby. Palatin's actual results may differ materially from its historical results of operations and those discussed in the forward-looking statements for various reasons, including, but not limited to the Company's ability to carry out its business plan, successful development and commercial acceptance of its products, ability to fund development of technology, the risk that products may not result from development activities, protection of its intellectual property, ability to establish and successfully complete clinical trials for product approval, need for regulatory approvals, dependence on its partners for development of certain projects, and other factors discussed in the Company's periodic filings with the Securities and Exchange Commission. The Company is not responsible for events not updated after the date on this press release.

Contact:

Palatin Technologies: Carl Spana, Ph.D., 609-495-2200 cspana@palatin.com Stephen T. Wills, 609-495-2200 swills@palatin.com Or

Institutional Investors: MontRidge, LLC Janet Dally, 203-894-8038 jdally@montridgellc.com Or

Media: Lazar Partners, LTD Felicia Vonella, 212-867-1762 fvonella@lazarpartners.com

Source: Palatin Technologies, Inc.

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