3 1 d52826_form3.txt FORM 3 ------------------------------ OMB APPROVAL ------------------------------ OMB Number: 3235-0104 Expires: January 31, 2005 Estimated average burden hours per response.........0.5 ------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 3 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 (Print or Type Responses) ________________________________________________________________________________ 1. Name and Address of Reporting Person* Joseph Edelman -------------------------------------------------------------------------------- (Last) (First) (Middle) c/o First New York Securities LLC 850 Third Avenue, 8th Floor -------------------------------------------------------------------------------- (Street) New York, New York 10022 -------------------------------------------------------------------------------- (City) (State) (Zip) ________________________________________________________________________________ 2. Date of Event Requiring Statement (Month/Day/Year) 11/18/2002 ________________________________________________________________________________ 3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary) ________________________________________________________________________________ 4. Issuer Name and Ticker or Trading Symbol Palatin Technologies, Inc. ("PTN") ________________________________________________________________________________ 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) |_| Director |X| 10% Owner |_| Officer (give title below) |_| Other (specify below) ____________________________________________________________________ ________________________________________________________________________________ 6. If Amendment, Date of Original (Month/Day/Year) ________________________________________________________________________________ 7. Individual or Joint/Group Filing (Check Applicable line) |_| Form filed by One Reporting Person |X| Form filed by More than One Reporting Person ================================================================================ Table I -- Non-Derivative Securities Beneficially Owned ================================================================================

3. Ownership Form: 2. Amount of Securities Direct (D) or 1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership (Instr. 4) (Instr. 4) (Instr. 5) (Instr. 5) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ Common Stock, par value $0.01 4,309,976 (1) (2) (1) (2) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================

Page 1 of 3 FORM 3 (continued) Table II -- Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================

5. Owner- 3. Title and Amount of Securities ship Underlying Derivative Security Form of 2. Date Exercisable (Instr. 4) Derivative and Expiration Date --------------------------------- 4. Conver- Securities: (Month/Day/Year) Amount sion or Direct 6. Nature of ---------------------- or Exercise (D) or Indirect Date Expira- Number Price of Indirect Beneficial 1. Title of Derivative Exer- tion of Derivative (I) Ownership Security (Instr. 4) cisable Date Title Shares Security (Instr. 5) (Instr. 5) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock Purchase Warrants 10/28/01 10/28/06 Common Stock 133,377 $2.699 (1) (3) (1) (3) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock Purchaser Warrants 7/31/02 7/31/07 Common Stock 100,000 $1.456 (1) (4) (1) (4) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock Purchase Warrants 11/15/02 11/15/07 Common Stock 568,644 $1.54 (1) (5) (1) (5) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. Explanation of Responses: (1) Certain of the securities reported herein are held by Perceptive Life Sciences Master Fund Ltd.("Master Fund") of which Perceptive Advisors LLC ("Advisors") is the investment advisor. As managing member of Advisors Mr. Edelman has the sole power to vote and dispose of the securities held by Master Fund. In accordance with Instruction 5(b)(iv) the entire amount of the Issuer's securities held by Master Fund is reported herein. Mr. Edelman and Advisors each disclaims, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, any beneficial ownership of any of the Issuer's securities that are held by Master Fund, except to the extent of its indirect pecuniary interest therein, and this report shall not be deemed an admission that Mr. Edelman or Advisors is the beneficial owner of such securities for purposes of Section 16 or for any other purposes. Certain of the securities reported herein are held in an account of First New York Trading, LLC, of which Mr. Edelman has sole voting and dispositive power. Mr. Edelman disclaims Section 16 beneficial ownership over such securities except to the extent of his indirect pecuniary interest therein. (2) Comprised of 518,691 shares held by Mr. Edelman, 3,663,085 shares held by Master Fund and 128,200 Shares held in an account of First New York Trading, LLC, of which Mr. Edelman has sole voting and dispositive power. (3) Comprised of 22,229 warrants held by Mr. Edelman and 111,148 warrants held by Master Fund. (4) Comprised of 100,000 warrants held by Master Fund. (5) Comprised of 81,235 warrants held by Mr. Edelman and 487,409 warrants held by Master Fund. /s/ Joseph Edelman 11/26/2002 --------------------------------------------- ----------------------- **Signature of Reporting Person Date * 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). Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. Page 2 of 3 Joint Filer Information Names: Perceptive Life Sciences Master Fund Ltd. and Perceptive Advisors LLC Address: c/o First New York Securities, LLC 850 Third Avenue, 8th Floor New York, New York 10022 Designated Filer: Joseph Edelman Issuer and Ticker Symbol: Palatin Technologies, Inc. (PTN) Date of Event requiring Statement: 11/18/02 The undersigned, Perceptive Life Sciences Master Fund Ltd. and Perceptive Advisors LLC are jointly filing the attached Initial Statement of Beneficial Ownership on Form 3 with Joseph Edelman with respect to the beneficial ownership of securities of Palatin Technologies, Inc. PERCEPTIVE LIFE SCIENCES MASTER FUND LTD. By: Perceptive Advisors LLC, its investment advisor By: /s/ Joseph Edelman -------------------------------------------- Name: Joseph Edelman Title: Managing Member PERCEPTIVE ADVISORS LLC By: /s/ Joseph Edelman ----------------------------------------------- Name: Joseph Edelman Title: Managing Member Page 3 of 3