PALATIN TECHNOLOGIES, INC. RECEIVES $10 MILLION PAYMENT FROM KING PHARMACEUTICALS, INC.

Palatin Technologies, Inc. (Amex: PTN -- News) announced today the receipt of $10 million from King Pharmaceuticals, Inc. (NYSE: KG -- News) pursuant to their strategic alliance to jointly develop PT-141 for the treatment of male and female sexual dysfunction. King will receive 4,499,336 shares of common stock plus warrants to purchase 719,894 shares of common stock at an exercise price of $2.22.

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