5 1 0001.txt FORM 5 FOR STEPHEN T. WILLS ------------------------------ OMB APPROVAL ------------------------------ OMB Number 3235-0362 Expires: December 31, 2001 Estimated average burden hours per response ....... 1.0 ------------------------------ U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 5 ANNUAL 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 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). [ ] Form 3 Holdings Reported [ ] Form 4 Holdings Reported ================================================================================ 1. Name and Address of Reporting Person* Wills Stephen T. -------------------------------------------------------------------------------- (Last) (First) (Middle) 103 Carnegie Center, Suite 200 -------------------------------------------------------------------------------- (Street) Princeton, NJ 08540 -------------------------------------------------------------------------------- (City) (State) (Zip) ================================================================================ 2. Issuer Name and Ticker or Trading Symbol Palatin Technologies, Inc. (PTN) ================================================================================ 3. IRS or Social Security Number of Reporting Person (Voluntary) ================================================================================ 4. Statement for Month/Year 06/00 ================================================================================ 5. If Amendment, Date of Original (Month/Year) ================================================================================ 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) [ ] Director [ ] 10% Owner [X] Officer (give title below) [ ] Other (specify below) Executive vice president and chief financial officer ================================================================================ 7. Individual or Joint/Group Reporting (check applicable line) [X] Form filed by one Reporting Person [ ] Form filed by more than one Reporting Person ================================================================================

Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ==================================================================================================================================== 5. 6. 4. Amount of Owner- Securities Acquired (A) or Securities ship Disposed of (D) Beneficially Form: 3. (Instr. 3, 4 and 5) Owned at End Direct 7. 2. Trans- ---------------------------- of Issuer's (D) or Nature of 1. Transaction action (A) Fiscal Year Indirect Indirect Title of Security Date (Month/ Code or (Instr. 3 (I) Beneficial (Instr. 3) Day/Year) (Instr. 8) Amount (D) Price and 4) (Instr. 4) Ownership ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ==================================================================================================================================== * 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 in this form are not required to respond unless the form displays a currently valid OMB control number.

FORM 5 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ==================================================================================================================================== 9. 10. Number Owner- of ship 2. Deriv- of Conver- 5. 7. ative Deriv- 11. sion Number of Title and Amount Secur- ative Nature or Derivative 6. of Underlying 8. ities Secur- of Exer- Securities Date Securities Price Bene- ity: In- cise 3. Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct Price Trans- 4. or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene- 1. of action Trans- of(D) (Month/Day/Year) Amount ative at End In- ficial Title of Deriv- Date action (Instr. 3, ---------------- or Secur- of direct Owner- Derivative ative (Month/ Code 4 and 5) Date Expira- Number ity Year (I) ship Security Secur- Day/ (Instr. ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr. (Instr. 3) ity Year) 8) (A) (D) cisable Date Title Shares 5) 4) 4) 4) ------------------------------------------------------------------------------------------------------------------------------------ stock option common (right to buy) $4.875 07/08/99 A 50,000 Note 1 07/08/09 stock 50,000 Note 2 50,000 D ------------------------------------------------------------------------------------------------------------------------------------ stock option common (right to buy) $3.0625 10/05/99 A 150,000 04/04/00 04/04/10 stock 150,000 Note 2 150,000 D ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================

Explanation of Responses: (1) Option is currently exercisable as to 66% (33,000) of the shares and becomes exercisable as to the remaining 34% (17,000) of the shares on July 8, 2001. (2) Option granted as incentive compensation without cash consideration. /s/ Stephen T. Wills August 10, 2000 --------------------------------------------- ----------------------- **Signature of Reporting Person 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 displays a currently valid OMB control number.