EXHIBIT 31.2

Certification of Chief
Financial Officer

I, Stephen T. Wills, certify that:

|1. | I have reviewed this annual report on Form 10-K of Palatin Technologies, Inc.;
|-- | ------------------------------------------------------------------------------

|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;
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|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;
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|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:
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) |  | Designed
such disclosure controls and procedures, or caused such disclosurecontrols and
procedures to be designed under our supervision, to ensure thatmaterial
information relating to the registrant, including its consolidatedsubsidiary,
is made known to us by others within those entities, particularlyduring the
period in which this report is being prepared;
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | Designed
such internal control over financial reporting, or caused such internalcontrol
over financial reporting to be designed under our supervision, toprovide
reasonable assurance regarding the reliability of financial reportingand the
preparation of financial statements for external purposes in accordancewith
generally accepted accounting principles;
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) |  | Evaluated
the effectiveness of the registrants disclosure controls andprocedures
and presented in this report our conclusions about the effectivenessof the
disclosure controls and procedures, as of the end of the period coveredby this
report based on such evaluation; and
| | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d) |  | Disclosed
in this report any change in the registrants internal controlover
financial reporting that occurred during the registrants most recent
          fiscal quarter (the registrants fourth fiscal quarter in the case of an
          annual report) that has materially affected, or is reasonably likely to
          materially affect, the registrants internal control over financial
          reporting; and
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|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:
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) |  | All
significant deficiencies and material weaknesses in the design or operationof
internal control over financial reporting which are reasonably likely to
adversely affect the registrants ability to record, process, summarize
andreport financial information; and
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | Any
fraud, whether or not material, that involves management or other employeeswho
have a significant role in the registrants internal control over
          financial reporting.
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Date: September 12, 2007

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