Form 4 Wills, October 14, 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*

     Wills           Stephen         T.		 2.  Issuer Name and Ticker or Trading Symbol

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

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

     Executive VP & Chief Financial Officer
    (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

     10/14/02
            (Street)

     Cranbury         NJ         08512		 5.  If Amendment,
      Date of Original
      (Month/Day/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)		 2A.
Deemed
Execution
Date, if
any
(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
    Following
    Reported
    Transaction(s)
    (Instr. 3 and 4)		 6. Owner-
    ship
    Form:
    Direct
    (D) or
    Indirect
    (I)
    (Instr. 4)		 7. Nature of
    Indirect
    Beneficial
    Owner-
    ship
    (Instr. 4)
Code V Amount (A)
or
(D)		 Price
common stock 10/14/02   P   2,800 A $1.65   D  
common stock 10/14/02   P   200 A $1.60 6,000 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
    Exercise
    Price of
    Deriv-
    ative
    Security		 3. Trans-
    action
    Date

(Month/
    Day/
   Year		 3A.
Deemed
Execution
Date, if
any

(Month/
    Day/
   Year)		 4. Trans-
    action
    Code
    (Instr. 8)		 5. Number of Deriv-
    ative Securities Ac-
    quired (A) or Dis-
    posed of (D)
    (Instr. 3, 4 and 5)		 6. Date Exer-
    cisable and
    Expiration
    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 deriv-
    ative
    Secu-
    rities
    Bene-
    fically
    Owned
    Follow-
    ing
    Reported
    Trans-
    action(s)
    (Instr. 4)		 10. Owner-
    ship
    Form of
    Deriv-
    ative
    Security:
    Direct
    (D) or
    Indirect
    (I)
    (Instr. 4)		 11. Nature
    of
    Indirect
    Bene-
    ficial
    Owner-
    ship
    (Instr. 4)
Code V (A) (D) Date
Exer-
cisable		 Expira-
tion
Date

Title		 Amount or
Number
of
Shares
                               
                               

Explanation of Responses:

 

    /s/ Stephen T. Wills                  
**Signature of Reporting Person		 October 14, 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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