Palatin Technologies Announces Notification of Patent Allowance On Melanocortin Receptor-1 Specific Peptides

      Palatin Technologies Announces Notification of Patent Allowance On
                  Melanocortin Receptor-1 Specific Peptides

PR Newswire

CRANBURY, N.J., July 9, 2014

CRANBURY, N.J., July 9, 2014 /PRNewswire/ -- 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, announced today that the United States
Patent and Trademark Office (USPTO) has issued a Notice of Allowance for U.S.
Patent Application Serial Number 13/910,422 (the '422 application). The
application includes composition of matter claims on broad families of
melanocortin receptor‑1 specific peptides with potential utility for treatment
of inflammatory diseases and disorders.

The melanocortin-1 receptor mediates inflammatory responses, and
melanocortin-1 receptor agonist peptides have potential application for
indications such as inflammatory bowel disease, uveitis, nephritis and
rheumatoid arthritis. Palatin has conducted preliminary preclinical studies
in both inflammatory bowel disease and uveitis, and is advancing additional
confirmatory preclinical studies in these indications prior to initiating
human clinical trials. Palatin is conducting preclinical toxicology and other
studies preparatory to filing an Investigational New Drug (IND) application
with the Food and Drug Administration (FDA), and anticipates having one or
more pre‑IND meetings with the FDA prior to filing an IND this year.

"We believe that our melanocortin-1 receptor peptide agonists, which are both
highly selective and specific, represent a new paradigm for treatment of
inflammatory diseases and disorders," stated Carl Spana, Ph.D., President and
CEO of Palatin. "Securing strong patent protection is a key component of our
development program."

The peptides claimed in the '422 application are highly specific for the
melanocortin-1 receptor, with a number of peptides having sub-nanomolar
affinity binding and EC[50] functional values. Many of the peptides are also
highly selective for the melanocortin-1 receptor, with greater than one
thousand times the affinity for the melanocortin-1 receptor than for the
melanocortin-4 or melanocortin-3 receptors.

A Notice of Allowance is issued after the USPTO makes a determination that a
patent can be granted from an application. When issued, the patent twenty-year
term would not expire until November 2030 at the earliest. The Notice of
Allowance for the '422 application has been posted on the USPTO public PAIR
website.

About Palatin Technologies

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
http://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 potential clinical utility of melanocortin receptor-1 agonist
peptides, whether the subject patent will issue or adequately protect against
competition, the future status of pending and planned patent applications,
potential clinical trial results, potential actions by regulatory agencies
including the U.S. Food and Drug Administration (FDA), regulatory plans,
development programs, proposed indications for melanocortin receptor-4 agonist
peptide product candidates and market potential for melanocortin receptor-4
agonist peptide 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 nonclinical, preclinical and
toxicology studies, result 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 filings with the Securities and Exchange Commission. Palatin is not
responsible for updating for events that occur after the date of this press
release.

SOURCE Palatin Technologies, Inc.

Website: http://www.palatin.com
Contact: Palatin Technologies Investor Inquiries: Stephen T. Wills, CPA, MST,
Chief Operating Officer / Chief Financial Officer, Tel: (609) 495-2200 /
info@palatin.com; Palatin Technologies Media Inquiries: Paul Arndt, MBA,
LifeSci Advisors, LLC, Managing Director, Tel: (646) 597-6992 /
Paul@LifeSciAdvisors.com
 
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