MDB Capital Group Exclusive Placement Agent for $27,000,000 Palatin Technologies (PTN) Offering

04/12/2006

MDB Capital Group Exclusive Placement Agent for $27,000,000 Palatin Technologies Inc. (PTN) Offering

Santa Monica, CA – April 12, 2006 – A 11,000,000 unit offering for Palatin Technologies Inc. ("Palatin") (Symbol – PTN) was placed with institutional investors at $2.44 per unit, with MDB Capital Group serving as the exclusive Placement Agent. A unit consists of one share of common stock and one warrant to purchase 0.30 shares of its common stock with a five-year term and $2.88/share exercise price. Total gross proceeds of the offering were approximately $27,000,000.

About Palatin Technologies, Inc.: Palatin Technologies, Inc. is a biopharmaceutical company primarily engaged in the development of melanocortin-based therapeutics. The Company's lead product candidate, bremelanotide, is currently in Phase II clinical trials for both male and female sexual dysfunction. The Company's internal research and development capabilities, anchored by its proprietary MIDAS(TM) technology, are fueling product development. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential. To date, the Company has formed partnerships with Tyco Healthcare Mallinckrodt and King Pharmaceuticals. For additional information regarding Palatin, please visit Palatin Technologies' website at http://www.palatin.com.

About MDB Capital Group LLC: MDB Capital Group is a research driven investment bank providing financial services to emerging growth companies, as well as institutional asset management firms, mutual funds, hedge funds and high net worth individuals.

Founded in 1997, MDB provides the following professional services:

  • Equity Research
  • Equity Sales and Trading
  • Investment Banking
  • Fixed Income Sales and Trading
  • Fixed Income Portfolio Management

MDB is an NASD licensed broker-dealer and a member of the Securities Investor Protection Corporation ("SIPC"). MDB conducts its sales and trading activities in Santa Monica, California.