EXHIBIT 31.2

Certification of Chief
Financial Officer

I, Stephen T. Wills, certify that:

|1. | I have reviewed this quarterly report on Form 10-Q of Palatin Technologies,
          Inc.;
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|2. | Based on my knowledge, this report does not contain any untrue statement of a
          material fact or omit to state a material fact necessary to make the statements
          made, in light of the circumstances under which such statements were made, not
          misleading with respect to the period covered by this report;
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|3. | Based on my knowledge, the financial statements, and other financial information
          included in this report, fairly present in all material respects the financial
          condition, results of operations and cash flows of the registrant as of, and
          for, the periods presented in this report;
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|4. | The registrants other certifying officer and I are responsible for
          establishing and maintaining disclosure controls and procedures (as defined in
          Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
          reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
          registrant and have:
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| | (a) |  | Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiary, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;
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| | (b) |  | Designed such internal
control over financial reporting, or caused such internal control over financial reporting
to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;
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| | (c) |  | Evaluated the
effectiveness of the registrants disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation;
and
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| | (d) |  | Disclosed in this report
any change in the registrants internal control over financial reporting that
occurred during the registrants most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrants internal
control over financial reporting; and
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|5. | The registrants other certifying officer and I have disclosed, based on
          our most recent evaluation of internal control over financial reporting, to the
          registrants auditors and the audit committee of the registrants
          board of directors:
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| | (a) |  | All significant
deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrants
ability to record, process, summarize and report financial information; and
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| | (b) |  | Any fraud, whether or not
material, that involves management or other employees who have a significant role in the
registrants internal control over financial reporting.
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Date: November 9, 2006

/s/ Stephen T. Wills

Stephen T. Wills, Executive Vice President and
Chief Financial Officer