PALATIN TECHNOLOGIES, INC.

Waiver of Right of Participation
and
Amendment to the Series B Common Stock Purchase Warrants

Reference is made to that certain Securities Purchase Agreement (the “SPA”),
dated as of February 24, 2010, by and between Palatin Technologies, Inc. (the
“Company”) and the undersigned purchaser of the Company’s common stock, par
value per share $0.01 (“Common Stock”), Series A Common Stock Purchase Warrant
and Series B Common Stock Purchase Warrant (“Series B Warrant”).  The Company is
currently in discussions with certain institutional investors for the sale of
Common Stock and warrants to purchase Common Stock on terms that have been
disclosed to you by our placement agent, Rodman & Renshaw, LLC (the “Proposed
Financing”).

Section 4.10 of the SPA provides you with a right to participate in 100% of the
Proposed Financing.

Solely to the extent required to permit the Company to consummate the Proposed
Financing, and for no other purpose, you hereby waive your right to participate
in the Proposed Financing under Section 4.10 of the SPA.

The Company and you hereby amend the Series B Warrant issued to you pursuant to
the SPA by deleting the term “August 29, 2010” in the preamble of the Series B
Warrant and inserting in its place the term “February 28, 2011” in the preamble
of the Series B Warrant.

This agreement may be executed in counterparts, when taken together shall be
considered one and the same agreement, and may be delivered by facsimile
transmission or by e-mail delivery of a “pdf” format data file.

 
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Date: June 24, 2010

Sincerely,

PALATIN TECHNOLOGIES, INC.

By: ____________________
Name:
Title:

Acknowledged and Agreed:

[                          ]

By: ___________________
Name:
Title:
 
 
 
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