Delaware
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001-15543
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95-4078884
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(State or other jurisdiction
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(Commission
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(IRS employer
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of incorporation)
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File Number)
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identification number)
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4C Cedar Brook Drive, Cranbury, NJ
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08512
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(Address of principal executive offices)
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(Zip Code)
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PALATIN TECHNOLOGIES, INC.
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|||
Date: September 22, 2011
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By:
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/s/ Stephen T. Wills
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Stephen T. Wills, CPA, MST
Executive Vice President, Chief Financial Officer and Chief Operating Officer
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·
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Palatin initiated enrollment in its Phase 2B trial with bremelanotide in premenopausal women with female sexual dysfunction.
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·
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Palatin announced commencement of a Phase 1 trial of AZD2820, under development for treatment of obesity, in collaboration with AstraZeneca.
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·
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In March 2011, Palatin closed on a $23.0 million firm commitment public offering consisting of 23 million units at a price to the public of $1.00. Net proceeds to Palatin after deducting underwriting discounts and other offering expenses were $21.0 million.
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Quarter Ended June 30,
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Year Ended June 30,
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||||||
2011
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2010
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2011
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2010
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||||
REVENUES
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|||||||
License and contract
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$ 24,691
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$ 674,957
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$ 497,540
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$ 14,180,727
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|||
Grants
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131,149
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-
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977,917
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-
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|||
Total revenues
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155,840
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674,957
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1,475,457
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14,180,727
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|||
OPERATING EXPENSES:
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|||||||
Research and development
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3,217,385
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3,554,521
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10,377,019
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12,293,910
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|||
General and administrative
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1,525,026
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1,374,320
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4,751,824
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4,901,203
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|||
Total operating expenses
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4,742,411
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4,928,841
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15,128,843
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17,195,113
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|||
Loss from operations
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(4,586,571)
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(4,253,884)
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(13,653,386)
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(3,014,386)
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|||
OTHER INCOME (EXPENSE):
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|||||||
Investment income
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26,916
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21,365
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99,258
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141,635
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|||
Interest expense
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(4,999)
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(3,862)
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(10,606)
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(13,165)
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|||
Decrease/(increase) in fair value of warrants
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1,255,425
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-
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(2,266)
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-
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|||
Gain on sale of securities
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-
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-
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119,346
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-
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|||
Gain/(loss) on disposition of supplies and equipment
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-
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-
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(5,666)
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95,000
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|||
Total other income, net
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1,277,342
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17,503
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200,066
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223,470
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|||
Loss before income taxes
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(3,309,229)
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(4,236,381)
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(13,453,320)
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(2,790,916)
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|||
Income tax benefit
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-
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-
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637,391
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998,408
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|||
NET LOSS
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$ (3,309,229)
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$ (4,236,381)
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$(12,815,929)
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$ (1,792,508)
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|||
Basic and diluted net loss per common share
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$ (0.09)
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$ (0.40)
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$ (0.64)
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$ (0.18)
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|||
Weighted average number of common shares outstanding used in computing basic and diluted net loss per common share
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34,900,591
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10,722,061
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20,084,022
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9,861,215
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June 30, 2011
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June 30, 2010
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|||
ASSETS
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||||
Current assets:
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||||
Cash and cash equivalents
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$ 18,869,639
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$ 5,405,430
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Available-for-sale investments
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-
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3,462,189
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Accounts receivable
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131,149
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2,879
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Prepaid expenses and other current assets
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261,947
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393,313
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Total current assets
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19,262,735
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9,263,811
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Property and equipment, net
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1,305,331
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2,388,365
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Restricted cash
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350,000
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475,000
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Other assets
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254,787
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261,701
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||
Total assets
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$ 21,172,853
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$ 12,388,877
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||
Current liabilities:
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||||
Capital lease obligations
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$ 34,923
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$ 19,670
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||
Accounts payable
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496,908
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155,795
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||
Accrued expenses
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1,854,007
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2,219,466
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Accrued expenses
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374,094
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-
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Unearned revenue
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46,105
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-
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Total current liabilities
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2,806,037
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2,394,931
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||
Capital lease obligations
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42,186
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14,284
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||
Deferred rent
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132,855
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661,389
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Total liabilities
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2,981,078
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3,070,604
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||
Stockholders’ equity:
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||||
Preferred stock of $0.01 par value – authorized 10,000,000
shares;
|
||||
Series A Convertible; issued and outstanding 4,997 shares as of June 30, 2011 and 2010, respectively
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50
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50
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Common stock of $0.01 par value – authorized 100,000,000 shares; issued and outstanding 34,900,591 and 11,702,818 shares as of June 30, 2011 and 2010, respectively
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349,006
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117,028
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||
Additional paid-in capital
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239,832,826
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218,236,723
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||
Accumulated other comprehensive income
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-
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138,650
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Accumulated deficit
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(221,990,107)
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(209,174,178)
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Total stockholders’ equity
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18,191,775
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9,318,273
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Total liabilities and stockholders’ equity
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$ 21,172,853
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$ 12,388,877
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