<ARTICLE>                     5
<LEGEND>
This schedule  contains summary financial  information  extracted from financial
statements  for the three and six month  period  ended  December 31, 1997 and is
qualified in its entirety be reference to such financial statements.
</LEGEND>

<CIK>     0000911216
<NAME>    Palatin Technologies, Inc.


       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                              JUN-30-1997
<PERIOD-START>                                  JUL-1-1997
<PERIOD-END>                                   DEC-31-1997
<CASH>                                           7,144,772
<SECURITIES>                                             0
<RECEIVABLES>                                            0
<ALLOWANCES>                                             0
<INVENTORY>                                              0
<CURRENT-ASSETS>                                 7,386,198
<PP&E>                                           1,980,485
<DEPRECIATION>                                     318,511
<TOTAL-ASSETS>                                   9,127,460
<CURRENT-LIABILITIES>                            2,073,708
<BONDS>                                            445,541
<PREFERRED-MANDATORY>                                    0
<PREFERRED>                                          1,378
<COMMON>                                            30,619
<OTHER-SE>                                       6,058,211
<TOTAL-LIABILITY-AND-EQUITY>                     9,127,460
<SALES>                                                  0
<TOTAL-REVENUES>                                    33,967
<CGS>                                                    0
<TOTAL-COSTS>                                    4,343,464    
<OTHER-EXPENSES>                                         0
<LOSS-PROVISION>                                         0
<INTEREST-EXPENSE>                                 124,179 
<INCOME-PRETAX>                                 (4,164,918)
<INCOME-TAX>                                             0
<INCOME-CONTINUING>                             (4,164,918)
<DISCONTINUED>                                           0
<EXTRAORDINARY>                                          0
<CHANGES>                                                0
<NET-INCOME>                                    (4,164,918)
<EPS-PRIMARY>                                        (1.37) 
<EPS-DILUTED>                                        (1.37)