Palatin Technologies Receives $1.75 Million From Sale of New Jersey State Tax Credits

CRANBURY, N.J., Jan. 3, 2013 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE MKT: PTN) announced today it has received net proceeds of approximately $1.75 million of non-dilutive funding through the New Jersey Economic Development Authority's tax credit transfer program. Palatin Technologies sold both New Jersey net operating losses and research and development tax credits to unrelated corporations.

Last year, Palatin Technologies received approximately $1.1 million under this program.

About Palatin Technologies, Inc.
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.

SOURCE Palatin Technologies, Inc.