Palatin Technologies Initiates Phase 2 Hypertension Clinical Study With PL-3994

CRANBURY, N.J., May 20 /PRNewswire-FirstCall/ -- Palatin Technologies,
Inc. (Amex: PTN) announced today that dosing has been initiated in a Phase 2a
clinical study of PL-3994, a novel, long-acting natriuretic peptide receptor A
agonist, in subjects with controlled hypertension.
The study is placebo-controlled and double-blinded, and will include up to
five cohorts receiving escalating doses. As many as 35 subjects will be
included, with six active subjects and one placebo subject per dose cohort.
Subjects passing screening are admitted to a research clinic, placed on a
controlled diet and have baseline blood pressures and laboratory values
monitored for 24 hours. The next morning, subjects receive a single dose of
PL-3994 or placebo with blood pressures and laboratory values monitored for 24
hours. Every other week, another cohort of subjects will receive a higher dose
of PL-3994 until a pre-specified blood pressure decrease is observed.
"We are excited with our PL-3994 program's rapid progress. Data from these
hypertensive patients will provide key indications of the compound's
therapeutic potential," stated Dr. Trevor Hallam, Palatin's Executive Vice
President for Research and Development. "We look forward to the completion of
this study as well as the reporting of results next quarter."
Based on the results of this study and the previously completed Phase 1
trial in healthy, non-hypertensive volunteers, a Phase 2 trial in patients
with episodes of hypertensive urgency is planned for later this calendar year.
Palatin is also developing PL-3994 for the treatment of acute decompensated
congestive heart failure and plans to initiate a separate Phase 2 study in
these patients later this calendar year.
About Acute Systemic Hypertension
An acute elevation of blood pressure, or acute hypertension, is a
life-threatening condition that can cause permanent damage to the brain,
heart, kidneys and blood vessels. It occurs in nearly 50 percent of patients
presenting to the hospital with acute heart failure and is a common occurrence
for patients with renal dysfunction. It is critical to rapidly manage and
maintain optimal blood pressure to minimize risk of death and damage to vital
organs. Of the over 35 million people in the United States with hypertension,
over one million people each year will have one or more acute episodes of high
blood pressure, requiring treatment in an acute care setting.
About Congestive Heart Failure (CHF)
Currently in the U.S., CHF affects nearly 5 million people with 550,000
new cases of CHF diagnosed each year. Despite the treatment of CHF with
multiple drugs, almost all CHF patients will experience at least one episode
of acute CHF that requires treatment with intravenous medications in the
hospital. There were over 1,100,000 hospitalizations for CHF in 2004.
Congestive heart failure has tremendous human and financial costs. Estimated
direct costs in the U.S. for CHF were $29.6 billion in 2006.
About Palatin Technologies, Inc.
Palatin Technologies, Inc. is a biopharmaceutical company primarily
focused on discovering and developing targeted, receptor-specific peptide and
small molecule therapeutics, including melanocortin ("MC")-based therapeutics.
Therapeutics affecting the activity of the MC family of receptors may have the
potential to treat a variety of conditions and diseases, including sexual
dysfunction, obesity and related disorders, cachexia, hemorrhagic shock and
inflammation-related diseases. The Company is exploring other
receptor-specific therapeutics, including natriuretic peptide receptor A
("NPRA") agonist compounds for use in treatment of acute systemic
hypertension, congestive heart failure and other diseases. Palatin's strategy
is to develop products and then form marketing collaborations with industry
leaders in order to maximize their commercial potential. The Company currently
has collaborations with AstraZeneca and the Mallinckrodt division of Covidien.
For additional information regarding Palatin, please visit Palatin
Technologies' website at http://www.palatin.com.
Forward-looking Statements
Statements about the Company's future expectations, 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. The Company intends
that such forward-looking statements shall 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 the Company'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 recommence
marketing and gain commercial acceptance of NeutroSpec(R), ability to protect
its intellectual property, and other factors discussed in the Company's
periodic filings with the Securities and Exchange Commission. The Company is
not responsible for updating for events that occur after the date of this
press release.
SOURCE Palatin Technologies, Inc.

Stephen T. Wills, CPA, MST, EVP-Operations - Chief Financial Officer of
Palatin Technologies, Inc., +1-609-495-2200, info@palatin.com, or
Institutional Investors and Media, Carney Noensie of Burns McClellan,
+1-212-213-0006, cnoensie@burnsmc.com, for Palatin Technologies, Inc.