
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
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).		OMB Number: 3235-0287 Expires: January 31, 2005 Estimated average burden hours per response. . . . 1.0


1. Name and Address of Reporting Person* Taber, Robert I.	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 Cedar Brook Drive	3. IRS Identification Number of Reporting Person, if an entity (voluntary)	4. Statement for Month/Day/Year 12/062002
(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)	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)
1. Title of Security (Instr.3)		Code	V	Amount	(A) or (D)	Price

*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

$1.59

12/06/02

25,000

(1)

12/06/12

common

25,000

Explanation of Responses:

(1) Option vests as to 1/12 of the shares on the last day of each month, starting in January 2003.


	/s/ Robert I. Taber **Signature of Reporting Person	January 23, 2003 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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PALATIN TECHNOLOGIES INC 4