EXHIBIT 10.1

[LOGO OMITTED]

|2005 STOCK PLANOPTION CERTIFICATE                                                                                                                                                                                                                                    
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|This Certificate, when executed by an
        Administrator of the 2005 Stock Plan of Palatin Technologies, Inc. (the
        Company), evidences the grant to the Employee named below of an Option to
        purchase shares of the Common Stock of the Company.

|1. |  | Name
of Employee: «First_Name» «Last_Name» (Employee)
|-- |  | -------------------------------------------------------

|2. |  | Maximum
number of shares for which this option is exercisable: «ofoptions»
|-- |  | --------------------------------------------------------------------------

|3. |  | Purchase Price Per Share: $ «OptionPrice» per share
|-- |  | ---------------------------------------------------

|4. |  | Date of Grant: «GrantDate»
|-- |  | --------------------------

|5. |  | Expiration Date of Option: «ExpirationDate»
|-- |  | -------------------------------------------

|6. |  | Type of Grant: Incentive Stock Option to the full extent allowed under
               Section 422 of the United States Internal Revenue Code of 1986, as amended,
               and to the extent not allowed (including as required to a portion of the
               shares), a non-qualified option.
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7. |  | Vesting Schedule: This option shall become exercisable (and the shares issued
               upon exercise shall be vested) in 4 equal annual installments: 1⁄4 at 12
               months, 1⁄4 at 24 months, 1⁄4 at 36 months and remainder at 48 months
               from date of grant (with shares at the various purchase prices per share
               allocated pro rata to each annual installment); provided, however, that the
               number of shares included in each of the first three installments shall be
               rounded down to the nearest whole number and the number of shares included in
               the final installment shall be the remaining unvested balance of the Shares.
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8. |  | Change in Control/Acceleration/Exercise Following Termination of Employment in
               Certain Circumstances: The provisions of the Employment Agreement dated June 5,
               2007, as amended, between Employee and the Company (the Employment
               Agreement) apply to this Option, including but not limited to the
               provisions of section 3.3 of the Employment Agreement.
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

This
Option is subject to, and governed by, all of the terms of the Companys 2005 Stock
Plan, the Employment Agreement, and the Companys standard for of Incentive Stock
Option Agreement, provided that, in the event of any conflict between the Employment
Agreement and the Companys standard form of Incentive Stock Option Agreement, the
Employment Agreement shall govern.

| |                                                                                                                                                                                                                                                    |  | 
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
| | PALATIN TECHNOLOGIES, INC.                                                                                                                                                                                                                         | 
|
| | By:                                                                                                                                                                                                                                                |  | 
| | Robert I. Taber
        Chairman, Compensation Committee
        with the Compensation Committee acting as
        Administrator under the 2005 Stock Plan pursuant
        to specific authorization of the Board of Directors
        of Company |