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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)
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1. Name and Address of Reporting Person*
Joseph Edelman
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(Last) (First) (Middle)
c/o First New York Securities LLC
850 Third Avenue, 8th Floor
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(Street)
New York, New York 10022
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
11/18/2002
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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")
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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
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Table I -- Non-Derivative Securities Beneficially Owned
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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)
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Common Stock, par value $0.01 4,309,976 (1) (2) (1) (2)
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FORM 3 (continued)
Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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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)
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Common Stock
Purchase Warrants 10/28/01 10/28/06 Common Stock 133,377 $2.699 (1) (3) (1) (3)
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Common Stock
Purchaser Warrants 7/31/02 7/31/07 Common Stock 100,000 $1.456 (1) (4) (1) (4)
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Common Stock
Purchase Warrants 11/15/02 11/15/07 Common Stock 568,644 $1.54 (1) (5) (1) (5)
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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
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**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
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Name: Joseph Edelman
Title: Managing Member
PERCEPTIVE ADVISORS LLC
By: /s/ Joseph Edelman
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Name: Joseph Edelman
Title: Managing Member
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