Palatin Technologies Inc. (PTN)

[RFB]

Short term appears that .39 is the bottom....will not be surprised to see it go south of there given the sheer number of warrants and the pressure they are placing on the PPS. The largest thing Spana could have done with at least a portion of the 60M would have been to repurchase shares/warrants, but he choose to keep all in the coffers to burn on R&D; general corporate purposes. I would argue he could have done both, especially considering they have another 25M to complete finalization through FDA and given this, they will achieve other milestone payments, along with royalties once commercialized. In summary, the way it now stands, it would appear Spana believes they will eat through 60M over the next year and a half on R&D...now that is some scary burning of capital...and only goes to my concern that him along with Wills do not have the common in mind when executing business activities....I am all about driving long term value in any company, but to keep all of the capital to burn is scary....