8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act Of 1934

Date of Report (Date of earliest event reported):   May 9, 2005

Palatin Technologies, Inc.
(Exact name of registrant as specified in its charter)

Delaware	001-15543	95-4078884
(State or other jurisdiction	(Commission	(IRS employer
of incorporation)	File Number)	identification number)

4C Cedar Brook Drive, Cranbury, NJ	08512
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code:  (609) 495-2200

Item 1.01  Entry into a material definitive agreement.

        On May 9, 2005, we entered into a two-year employment agreement with Trevor Hallam, Ph.D., to serve as our Executive Vice President of Research and Development. His initial base salary is $275,000 per year. The compensation committee, with approval of the board of directors, can increase his annual base salary but not decrease it. The agreement also provides for:

• annual bonus compensation, in an amount to be decided by the compensation committee and approved by the board, based on achievement of yearly objectives;

• a ten-year option to purchase 350,000 shares of our common stock at an exercise price of $1.99 per share, which vests as to 250,000 shares at the rate of 62,500 shares per year starting on May 9, 2005, and as to the remaining 100,000 shares upon achievement of performance criteria;

• participation in all benefit programs that we establish, to the extent the employee’s position, tenure, salary, age, health and other qualifications make him eligible to participate.

• reimbursement of reasonable expenses which the employee incurs in performing his duties under the agreement; and

• coverage under our directors' and officers' liablity insurance policy, to the same extent as our other officers.

We may terminate the agreement immediately for “cause,” as defined in the agreement. Dr. Hallam may terminate the agreement immediately for “good reason,” as defined in the agreement, or within twelve months following a change of control of the company, as defined in the agreement. If we terminate the agreement other than for “cause,” or if Dr. Hallam terminates the agreement for “good reason,” we will pay him severance pay at the salary then in effect, for the longer of 18 months or the duration of the employment agreement then in effect, plus continuation of medical and dental benefits then in effect for up to 18 months. Termination following a change in control will result in a lump sum payment of one and one-half times the salary then in effect, continuation of medical and dental benefits then in effect for up to 18 months, immediate vesting of all stock options and payment of up to $25,000 in fees and expenses incurred in locating other employment. The agreement includes non-competition, non-solicitation and confidentiality covenants.

Item 8.01  Other Events

        On May 9, 2005, we issued a press release concerning the hiring of Trevor Hallam, Ph.D. as our Executive Vice President of Research and Development. We have included that press release as Exhibit 99.1 to this report.

Item 9.01  Financial Statements and Exhibits.

(c)   Exhibits:

 99.1   Press release dated May 9, 2005 concerning Trevor Hallam, Ph.D.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	PALATIN TECHNOLOGIES, INC.
Date: May 13, 2005	By:  /s/ Stephen T. Wills                     Stephen T. Wills, CPA, MST       Executive Vice President and       Chief Financial Officer

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EXHIBIT INDEX

99.1 Press release dated May 9, 2005, concerning Trevor Hallam, Ph.D.

EX-99

FOR RELEASE May 9, 2005 at 8:00 a.m. EDT

Contacts:
Palatin Technologies:	Burns McClellan:
Dennis Earle	John Nugent (for investor inquiries)
Executive Director, Business Development	(212) 213-0006 X331
(609) 495-2200	jnugent@burnsmc.com
info@palatin.com
	Kathy Nugent, Ph.D. (for media inquires)
	(212) 213-0006 X339
	knugent@burnsmc.com

Trevor Hallam, Ph.D. Joins Palatin Technologies as
Executive Vice President of Research and Development

Cranbury, NJ – May 09, 2005 – Palatin Technologies, Inc. (AMEX:PTN) today announced the appointment of Trevor Hallam, Ph.D. to the position of Executive Vice President, Research and Development. In this position, Dr. Hallam will be responsible for the management and direction of Palatin’s drug discovery and development efforts. Dr. Hallam comes to Palatin Technologies from AstraZeneca, where, most recently, he held the position of Vice President Biologics, Global Research and Development.

“We are excited to welcome Dr. Hallam to our executive management team,” stated Carl Spana, Ph.D., President and CEO of Palatin Technologies. “Dr. Hallam will be responsible for directing Palatin’s drug discovery research programs as well as the development of our later stage products. I am confident that, under the leadership of Dr. Hallam, our research & development programs will continue to yield innovative products with significant commercial opportunity.”

With over 20 years of experience in drug discovery, drug development and clinical research, Dr. Hallam has an extensive background in implementing drug discovery strategies, managing large research departments and building effective relationships with strategic alliance partners.

“The opportunity to join a young growing biopharmaceutical company in a senior position is quite exciting,” stated Dr. Hallam. “Palatin is well positioned for growth with its first FDA approved product in the market, a major partnership for PT-141 and the MIDAS™ drug discovery platform. I am confident that my professional experience and management skill, in conjunction with Palatin’s well-established core competencies, will enable the company to achieve continued success.”

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During his 9-year tenure with AstraZeneca, Dr. Hallam has held several senior management positions, most recently Vice President Biologics and Vice President Respiratory and Inflammation Discovery Research within Global R&D. He has also spent a period in the U.S. business as Vice President Medical Affairs. Dr. Hallam’s previous professional experience includes management positions at Rhone Poulenc Rorer, Hoffman-LaRoche and GlaxoSmithKline. Dr Hallam joined the pharmaceutical industry after a post-doctoral fellowship at the Physiological Laboratory, University of Cambridge. He received his Ph.D. in biochemistry from University of London and his BSc in biochemistry from University of Leeds, UK.

About Palatin Technologies, Inc.
Palatin Technologies, Inc. (AMEX: PTN) is a biopharmaceutical company focused on discovering and developing melanocortin (MC)-based therapeutics. NeutroSpec™, the Company’s proprietary radiolabeled monoclonal antibody product for imaging and diagnosing infections, has been approved by the FDA as an imaging agent for the diagnosis of equivocal appendicitis. NeutroSpec is marketed and distributed by Palatin’s strategic collaboration partner, Mallinckrodt Imaging, a business unit of Tyco Healthcare. The Company is currently conducting clinical trials with its lead drug candidate, PT-141, an MC receptor agonist, for the treatment of male and female sexual dysfunction. In August 2004, Palatin entered into a strategic collaboration agreement with King Pharmaceuticals, Inc. to jointly develop and commercialize PT-141. Palatin’s patented drug discovery platform, MIDAS™, streamlines the drug design process with an efficient approach to identifying lead compounds from proteins.

Any statements contained in this press release that refer to future events or other non-historical matters are forward-looking statements. Palatin disclaims any intent or obligation to update any forward-looking statements. Such statements are based on Palatin’s expectations as of the date of this press release and are subject to risks and uncertainties that could cause actual results to differ materially. Important factors that could cause actual results to differ from current expectations include, among others: the inherent uncertainty associated with financial projections; and such risks and uncertainties as detailed from time to time in Palatin’s public filings with the U.S. Securities and Exchange Commission, including but not limited to, Palatin’s Annual Report on Form 10-K for the year ended June 30, 2004 and its Quarterly Reports on Form 10-Q for the quarterly periods ended September 30, 2004 and December 31, 2004.

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