Ownership Submission
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(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  KING PHARMACEUTICALS INC
 2. Date of Event Requiring Statement (Month/Day/Year)
09/26/2005		 3. Issuer Name and Ticker or Trading Symbol
PALATIN TECHNOLOGIES INC [PTN]
(Last)
(First)
(Middle)
501 FIFTH STREET		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

BRISTOL, TN 37620		 6. Individual or Joint/Group Filing(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 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)
Common Stock 5,675,461 (1)
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Warrant to purchase common stock 08/18/2004 08/18/2007 Common Stock 235,225 (1) $ 4.25 D  
Warrant to purchase common stock 09/26/2005 09/26/2008 Common Stock 719,894 (1) $ 2.22 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
KING PHARMACEUTICALS INC
501 FIFTH STREET
BRISTOL, TN 37620		     X    

Signatures

Brian A. Markison 10/04/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) King Pharmaceuticals, Inc. ("King") and Palatin Technologies, Inc. ("Palatin") are parties to a Collaborative Development and Marketing Agreement and a Securities Purchase Agreement. Pursuant to these two agreements, on August 18, 2004, King was issued 1,176,125 shares of common stock and warrants to purchase 235,225 shares of common stock. Also pursuant to the same two agreements, on September 26, 2005, King made a payment of $10 million to Palatin, and was issued an additional 4,499,336 shares of common stock and warrants to purchase an additional 719,894 shares of common stock.

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