Palatin Technologies (PTN) Reports Audit Opinion with Going Concern Explanation

September 23, 2016 4:16 PM EDT

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Palatin Technologies, Inc. (NYSE: PTN), a biopharmaceutical company developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential, today announced that as previously disclosed in its Annual Report on Form 10-K for the year ended June 30, 2016, which was filed on September 19, 2016 with the Securities and Exchange Commission, the audited financial statements contained a going concern qualification paragraph in the audit opinion from its independent registered public accounting firm. See further discussion in Note 1 to the Company's consolidated financial statements included in the Company's Annual Report on Form 10-K.

This announcement is made pursuant to NYSE MKT Company Guide Section 610(b), which requires public announcement of the receipt of an audit opinion containing a going concern paragraph. This announcement does not represent any change or amendment to the Company's consolidated financial statements or to its Annual Report on Form 10-K for the year ended June 30, 2016.



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