Form 3 Errol B. De Souza
FORM 3 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940		 OMB APPROVAL
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1.  Name and Address of Reporting Person*

     De Souza             Errol           B.		 2.  Date of Event
    Requiring Statement
    (Month/Day/Year)
      4/1/03		 4.  Issuer Name and Ticker or Trading Symbol

     Palatin Technologies, Inc.      PTN   
    (Last)             (First)         (Middle)

     Palatin Technologies, Inc.
    4C Cedar Brook Drive		 3.  IRS Identification
     Number of Reporting
     Person, if an entity
      (voluntary)		 5.  Relationship of Reporting Person(s) to Issuer
            (Check all applicable)

       X    Director                                         10% Owner
             Officer (give title below)             Other (specify below)

     		6.  If Amendment, Date of
      Original (Month/Day/Year)
            (Street)

     Cranbury         NJ         08512		 7.  Individual or Joint/Group Reporting   (Check Applicable Line)
    X    Form filed by One Reporting Person
           Form filed by More than One Reporting Person
    (City)              (State)         (Zip) Table I – Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security
    (Instr.4)		 2. Amount of Securities
    Beneficially Owned
    (Instr. 4)		 3. Ownership
    Form: Direct
    (D) or Indirect
    (I) (Instr. 5)		 4. Nature of Indirect Beneficial Ownership
    (Instr. 5)
       
       

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction 5(b)(v).

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SEC 1473 (7-02)c


FORM 3 (continued) TABLE II – Derivative Securities Beneficially Owned (e.g. puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
    (Instr.4)		 2. Date Exer-
    cisable and
    Expiration
    Date
    (Month/Day/Year)		 3. Title and Amount of Securities Underlying
    Derivative Security
    (Instr. 4)		 4. Conver-
    sion or
    Exercise
    Price of
    Deriv-
    ative
    Security		 5. Owner-
     ship
     Form of
     Deriv-
     ative
     Security:
     Direct
     (D) or
     Indirect
     (I)
     (Instr. 5)		 6. Nature of Indirect
    Beneficial Ownership
    (Instr. 5)
Date
Exer-
cisable		 Expira-
tion
Date		 Title Amount
or
Number
of
Shares
Stock Options (right to buy) Note (1) 03/12/13 Common Stock 10,000 $1.45 D  
Stock Options (right to buy) Note (2) 04/01/13 Common Stock 18,750 $1.70 D  
               

Explanation of Responses:

(1) The stock options are immediately exercisable as to 25% of the shares and will become exercisable as to an additional 25% on March 12 of 2004, 2005 and 2006.

(2) The stock options become exercisable as to 1/9th of the shares on the last day of each month, starting on April 30, 2003.

  /s/ Errol B. De Souza              
**Signature of Reporting Person		 04/09/03
Date 
     
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).		    
     
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient
    see Instruction 6 for procedure.		    
     
Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form desplays a currently valid OMB Number.		    

Page 2 of 2