PALATIN TECHNOLOGIES, INC.

2005 STOCK PLAN

OPTION CERTIFICATE

        This Certificate, when executed by a duly authorized officer of Palatin
Technologies, Inc. (the “Company”), evidences the grant to the Participant named
below of an Option to purchase shares of the Common Stock of the Company.

1. Name and Address of Participant: _________________________________
_________________________________
_________________________________       2. Date of Grant:
_________________________________       3. Type of Grant: Non-Qualified Stock
Option       4. Maximum Number of Shares for
which this Option is exercisable: _________________________________       5.
Exercise (purchase) price per share: _________________________________       6.
Vesting Schedule: This Option shall become exercisable (and the Shares issued
upon exercise shall be vested) as follows:         [Insert Vesting Schedule and
include any acceleration of vesting upon a change of control if applicable]

This Option is subject to and governed by the terms of this Option Certificate,
the Option Agreement attached hereto and incorporated by reference herein and
the Company’s 2005 Stock Plan.

  PALATIN TECHNOLOGIES, INC.

  By:__________________________

          Stephen T. Wills

  Title: Chief Financial Officer