Form 4 Flannery September 18, 2002
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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*

     Flannery         Kevin         S.		 2.  Issuer Name and Ticker or Trading Symbol

    Palatin Technologies, Inc.     PTN		 6.  Relationship of Reporting Person(s) to Issuer
            (Check all applicable)

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

     ______________________
    (Last)             (First)         (Middle)

     Palatin Technologies, Inc.
     4C Cedarbrook Drive		 3.  IRS Identification
     Number of Reporting
     Person, if an entity
      (voluntary)		 4.  Statement for Month/Day/Year

     09/18/02
            (Street)

     Cranbury         NJ         08512		 5.  If Amendment, Date of
      Original (Month/Year)		 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.3)		 2. Trans-
    action
    Date
    (Month/
    Day/
    Year)		 3. Trans-
    action
    Code
    (Instr. 8)		 4. Securities Acquired
     (A) or Disposed of (D)
    (Instr. 3, 4 and 5)		 5. Amount of Securities
    Beneficially Owned
    at End of Month
     (Instr. 3 and 4)		 6. Ownership
    Form:
    Direct (D) or
    Indirect (I)
    (Instr. 4)		 7. Nature of
    Indirect
    Beneficial
    Ownership
    (Instr. 4)
Code V Amount   (A) or
  (D)		 Price
common stock 09/18/02 P   5,000 A $1.70 17,890 D  
                   
*If the form is filed by more than one reporting person, see instruction 4(b)(v).   Persons who respond to the collection of information contained this form are not required to respond unless the form displays a currently valid OMB control Number.  

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FORM 4 (continued) TABLE II – Derivative Securities Acquired, Disposed of or Beneficially Owned
(e.g. puts, calls, warrants, options, convertible securities)
1. Title of
    Derivative
    Security
    ( Instr.3)		 2. Conver-
    sion or
    Exer-
    cise
    Price of
    Deriva-
    tive Se-
    curity		 3. Trans-
    action
    Date
    (Month/
    Day/
    Year		 4. Trans-
    action
    Code
    (Instr. 8)		 5. Number of Deriva-
    tive Securities Ac-
    quired (A) or Dis-
    posed of (D)
    (Instr. 3, 4 and 5)		 6. Date Exercis-
    able and Expi-
    ration Date
    (Month/Day/
    Year)		 7. Title and
    Amount of
    Underlying
    Securities
    (Instr. 3 and 4)		 8. Price of
    Deriva-
    tive
    Secu-
    rity
    (Instr. 5)		 9. Number of
    Derivative
    Securities
    Benefically
    Owned at
    End of
     Month
    (Instr. 4)		 10. Owner-
     ship of
     Derivative
     Security:
     Direct
     (D) or
     Indirect (I)
     (Instr. 4)		 11. Nature of
    Indirect
    Beneficial
    Ownership
    (Instr. 4)
(A) (D) Date
Exer-
cisable		 Expira-
tion
Date

Title		 Amount or
Number of
Shares
                           
                           

Explanation of Responses:

 

    /s/ Kevin S. Flannery              
**Signature of Reporting Person		 Sept. 20, 2002
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 provided 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.    

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