March 24, 2010 (FinancialWire) — Palatin Technologies, Inc. (AMEX: PTN) said it has received $2.5 million from AstraZeneca AB pursuant to the September 2009 amendment of an exclusive research collaboration and license agreement to discover, develop and commercialize compounds that target melanocortin receptors for treatment of obesity and related indications.

Payment of the $2.5 million was contingent on the successful completion by Palatin of certain tasks this quarter relating to the program.

Palatin said it received an initial $2.5 million upon signing the September 2009 amendment.

Separately, Palatin said it received a letter from NYSE AMEX determining that Palatin successfully resolved the continued listing deficiencies referenced in a December 2008 letter from NYSE AMEX.

New Jersey-based Palatin Technologies is a biopharmaceutical company focused on the development of peptide, peptide mimetic and small molecule agonists with a special focus on melanocortin and natriuretic peptide receptor systems.

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