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: February 7, 2007

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