Palatin Technologies and King Pharmaceuticals Announce Formation of Sc

CRANBURY, N.J., April 7 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. and King Pharmaceuticals today announced the formation of a scientific advisory board to provide guidance on the development of PT-141 for the treatment of both male and female sexual dysfunction.

The PT-141 Scientific Advisory Board includes the following six independent experts:

Robert A. Kloner, M.D., Ph.D., Professor of Medicine in the Section of Cardiology at the University of Southern California, Director of Research at the Heart Institute of Good Samaritan Hospital in Los Angeles, and attending cardiologist at Los Angeles County/University of Southern California Medical School.

Harin Padma-Nathan M.D., Director of the Male Clinic in Beverly Hills, California and Clinical Professor of Urology at the University of Southern California School of Medicine.

Michael A. Perelman, Ph.D., Co-Director of the Human Sexuality Program, Payne Whitney Clinic of the New York Presbyterian Hospital and Clinical Associate Professor of Psychiatry, Reproductive Medicine, and Urology at Weill Medical College of Cornell University.

Raymond C. Rosen, Ph.D., Chief Psychologist at the Department of Psychiatry and Professor of Psychiatry and Medicine at UMDNJ-Robert Wood Johnson Medical School in New Jersey.

Christopher Steidle, M.D., Clinical Associate Professor of Urology at the Indiana University School of Medicine.

Jay M. Young, M.D., board-certified urologist in private practice in Laguna Woods, California and attending urologist at Saddleback Memorial Medical Center.

"We are excited to have the support of such an esteemed team of experts," commented Carl Spana, Ph.D., President and Chief Executive Officer of Palatin Technologies. "Their expertise and insight will make their collective contribution to the development of PT-141 invaluable."

About PT-141

PT-141 is the first compound in a new drug class called melanocortin receptor agonists and is under development to treat sexual dysfunction. This new chemical entity is being evaluated in Phase 2 clinical trials to assess the efficacy and safety profiles of varying doses of this novel compound in men experiencing erectile dysfunction ("ED") and women experiencing female sexual dysfunction ("FSD"). The mechanism of action of PT-141 may offer important benefits over currently available products for the treatment of ED because it appears to act on the pathway that controls sexual function without acting directly on the vascular system. Clinical data indicates that PT-141 has a rapid onset of action and may be effective in treating a broad range of patients suffering from ED. We anticipate that the nasal formulation of PT-141 currently under development will be as convenient as oral treatments and more patient-friendly than invasive treatments for ED, such as injections and trans-urethral pellets.

Although the current ED market is primarily served by PDE-5 inhibitors which target the vascular system, a substantial unmet medical need exists for alternative sexual dysfunction therapies that are effective, well-tolerated and easy to use. For example, PDE-5 inhibitors may not be effective in up to 30% of patients and are contraindicated in patients taking nitrates, primarily for the treatment of cardiovascular disease. Based on early clinical data, we believe that PT-141 should not be contraindicated in patients taking nitrates. Current literature indicates that about 40% of all patients who receive an initial prescription for a PDE-5 inhibitor do not renew the prescription due chiefly to adverse side effects, drug interaction issues, and/or the lack of an acceptable level of response.

About Palatin Technologies

Palatin Technologies, Inc. is a biopharmaceutical company developing melanocortin-based therapeutics. The Company has one product on the market generating revenue and a pipeline of product opportunities in development. 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 Mallinckrodt, a subsidiary of Tyco Healthcare, and King Pharmaceuticals . For additional information regarding Palatin, please visit Palatin Technologies' website at http://www.palatin.com/.

About King Pharmaceuticals

King Pharmaceuticals, headquartered in Bristol, Tennessee, is a vertically integrated branded pharmaceutical company. King, an S&P 500 Index company, seeks to capitalize on opportunities in the pharmaceutical industry through the development, including through in-licensing arrangements and acquisitions, of novel branded prescription pharmaceutical products in attractive markets and the strategic acquisition of branded products that can benefit from focused promotion and marketing and product life-cycle management.

Any statements contained in this press release or the herein referenced webcast 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 December 31, 2004 and its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2004, June 30, 2004 and September 30, 2004 and December 31, 2004.