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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

SCHEDULE 13G
(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b) (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No.    )

    Palatin Technologies, Inc.
(Name of Issuer)		    

 
 
 
 
 
    Common Stock
(Title of Class of Securities)		    

 
 
 
 
 
    696077304
(CUSIP Number)		    

 
 
 
 
 
    March 20, 2003
(Date of Event Which Requires Filing of this Statement)
 		   

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

    o Rule 13d-1(b)
ý Rule 13d-1(c)
o Rule 13d-1(d)
     
CUSIP No. 696077304   13G   Page 2 of 10 Pages
     
1   NAME OF REPORTING PERSON:
 Biotechnology Value Fund, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY).		    
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*   (a)  ý
        (b)  o
         
3   SEC USE ONLY    

 
 
 
 
 
4   CITIZENSHIP OR PLACE OF ORGANIZATION

 
 
Delaware
 
 
    5.   SOLE VOTING POWER
NUMBER OF       0
SHARES  
BENEFICIALLY   6   SHARED VOTING POWER
OWNED       801,056
BY  
EACH   7   SOLE DISPOSITIVE POWER
REPORTING       0
PERSON  
WITH:   8   SHARED DISPOSITIVE POWER
        801,056
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    

 
 
801,056
 
 
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*    

 
 
 
 
o
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)    

 
 
1.89%
 
 
12   TYPE OF REPORTING PERSON*    

 
 
PN
 
 

* SEE INSTRUCTIONS BEFORE FILLING OUT!

      
CUSIP No. 696077304   13G   Page 3 of 10 Pages
     
1   NAME OF REPORTING PERSON:
 Biotechnology Value Fund II, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):		    
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*   (a)  ý
        (b)  o
         
3   SEC USE ONLY    

 
 
 
 
 
4   CITIZENSHIP OR PLACE OF ORGANIZATION

 
 
Delaware
 
 
    5   SOLE VOTING POWER
NUMBER OF       0
SHARES  
BENEFICIALLY   6   SHARED VOTING POWER
OWNED       506,162
BY  
EACH   7   SOLE DISPOSITIVE POWER
REPORTING       0
PERSON  
WITH:   8   SHARED DISPOSITIVE POWER
        506,162
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    

 
 
506,162
 
 
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*   o

 
 
 
 
 
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9    

 
 
1.20%
 
 
12   TYPE OF REPORTING PERSON*    

 
 
PN
 
 

*SEE INSTRUCTIONS BEFORE FILLING OUT!

      
CUSIP No. 696077304   13G   Page 4 of 10 Pages
     
1   NAME OF REPORTING PERSON:
 BVF Investments, L.L.C.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):		    
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*   (a)  ý
        (b)  o
         
3   SEC USE ONLY    

 
 
 
 
 
4   CITIZENSHIP OR PLACE OF ORGANIZATION

 
 
Delaware
 
 
    5   SOLE VOTING POWER
NUMBER OF       0
SHARES  
BENEFICIALLY   6   SHARED VOTING POWER
OWNED       1,205,986
BY  
EACH   7   SOLE DISPOSITIVE POWER
REPORTING       0
PERSON  
WITH:   8   SHARED DISPOSITIVE POWER
        1,205,986
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    

 
 
1,205,986
 
 
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*   o

 
 
 
 
 
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)    

 
 
2.85%
 
 
12   TYPE OF REPORTING PERSON*    

 
 
OO
 
 

*SEE INSTRUCTIONS BEFORE FILLING OUT!

      
CUSIP No. 696077304   13G   Page 5 of 10 Pages
     
1   NAME OF REPORTING PERSON:
 BVF Partners L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):		    
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*   (a)  ý
        (b)  o
         
3   SEC USE ONLY    

 
 
 
 
 
4   CITIZENSHIP OR PLACE OF ORGANIZATION

 
 
Delaware
 
 
    5   SOLE VOTING POWER
NUMBER OF       0
SHARES  
BENEFICIALLY   6   SHARED VOTING POWER
OWNED       2,640,845
BY  
EACH   7   SOLE DISPOSITIVE POWER
REPORTING       0
PERSON  
WITH:   8   SHARED DISPOSITIVE POWER
        2,640,845
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    

 
 
2,640,845
 
 
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*   o

 
 
 
 
 
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)    

 
 
6.24%
 
 
12   TYPE OF REPORTING PERSON*    

 
 
PN
 
 

*SEE INSTRUCTIONS BEFORE FILLING OUT!

      
CUSIP No. 696077304   13G   Page 6 of 10 Pages
     
1   NAME OF REPORTING PERSON:
 BVF Inc.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):		    
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*   (a)  ý
        (b)  o
         
3   SEC USE ONLY    

 
 
 
 
 
4   CITIZENSHIP OR PLACE OF ORGANIZATION

 
 
Delaware
 
 
    5   SOLE VOTING POWER
NUMBER OF       0
SHARES  
BENEFICIALLY   6   SHARED VOTING POWER
OWNED       2,640,845
BY  
EACH   7   SOLE DISPOSITIVE POWER
REPORTING       0
PERSON  
WITH:   8   SHARED DISPOSITIVE POWER
        2,640,845
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    

 
 
2,640,845
 
 
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*   o

 
 
 
 
 
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)    

 
 
6.24%
 
 
12   TYPE OF REPORTING PERSON*    

 
 
IA, CO
 
 

*SEE INSTRUCTIONS BEFORE FILLING OUT!

      
CUSIP No. 696077304   13G   Page 7 of 10 Pages
     

ITEM 1(a). NAME OF ISSUER:

        Palatin Technologies, Inc. ("Palatin")

ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

        The principal executive offices are located at 4C Cedarbrook Drive, Cranbury, New Jersey 08512.

ITEM 2(a). NAME OF PERSON FILING:

        This Schedule 13G is being filed on behalf of the following persons* (the "Reporting Persons"):

ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE:

        The principal business office of the Reporting Persons comprising the group filing this Schedule 13G is located at 227 West Monroe Street, Suite 4800, Chicago, Illinois, 60606.

ITEM 2(c). CITIZENSHIP:

BVF:   a Delaware limited partnership
BVF2:   a Delaware limited partnership
Investments:   a Delaware limited liability company
Partners:   a Delaware limited partnership
BVF Inc.:   a Delaware corporation
     
CUSIP No. 696077304   13G   Page 8 of 10 Pages
     

ITEM 2(d). TITLE OF CLASS OF SECURITIES:

        This Statement on Schedule 13G is being filed with respect to the common stock, without par value (the "Common Stock") of Palatin. The Reporting Persons' percentage ownership of Common Stock is based on 41,816,961 shares of Common Stock being outstanding, as advised by Palatin, and the ownership of 528,168 warrants (the "Warrants") by the Reporting Persons to purchase an equivalent number of shares of Common Stock.

        As of March 20, 2003, (i) Partners beneficially owned 801,056 shares of Common Stock, of which 160,211 shares are attributable to Warrants; (ii) BVF2 beneficially owned 506,162 shares of Common Stock, of which 101,232 shares are attributable to Warrants; and (iii) Investments beneficially owned 1,205,986 shares of Common Stock, of which 241,197 shares are attributable to Warrants. Beneficial ownership by Partners and BVF Inc. includes 127,641 shares of Common Stock, of which 25,528 shares are attributable to Warrants, which are held by Investment 10, LLC for which Partners acts as investment advisor.

ITEM 2(e). CUSIP Number:

ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(b), or 13d-2(b) or (c) CHECK WHETHER THE PERSON FILING IS: One of the following

        Not applicable as this Schedule 13G is filed pursuant to Rule 13d-1(c).

ITEM 4. OWNERSHIP:

        The information in items 1 and 5 through 11 on the cover pages (pp. 2 - 6) on this Schedule 13G is hereby incorporated by reference.

ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:

        If this statement is being filed to report the fact that as of the date hereof the Reporting Persons have ceased to be the beneficial owner of more than five percent of the class of securities check the following. o

ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:

        BVF shares voting and dispositive power over the shares of the common stock it beneficially owns with Partners. BVF2 also shares voting and dispositive power over the shares of the common stock it beneficially owns with Partners. Investments also shares voting and dispositive power over the shares of the common stock it beneficially owns with Partners. Pursuant to the operating agreement of Investments, Partners is authorized, among other things, to invest the funds of Ziff Asset Management, L.P., the majority member of Investments, in shares of the common stock Investments beneficially owns and to vote and exercise dispositive power over those shares of common stock. Partners and BVF Inc. share voting and dispositive power over the shares of the common stock they beneficially own with, in addition to BVF, BVF2 and Investments, a managed account on whose behalf Partners, as investment manager, purchased such shares. The managed account does not own more than 5% of the common stock of Palatin.

     
CUSIP No. 696077304   13G   Page 9 of 10 Pages
     

ITEM 7.    IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:

        Not applicable.

ITEM 8.    IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF A GROUP:

        Not applicable.

ITEM 9. NOTICE OF DISSOLUTION OF GROUP:

        Not applicable.

     
CUSIP No. 696077304   13G   Page 10 of 10 Pages
     

ITEM 10. CERTIFICATION

        By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

        After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated:   April 3, 2003

 
 
BIOTECHNOLOGY VALUE FUND, L.P.

 
 
By:
 
BVF Partners L.P., its general partner

 
 
 
 
By:
 
BVF Inc., its general partner

 
 
 
 
 
 
By:
 
/s/  MARK N. LAMPERT      
               
Mark N. Lampert
President

 
 
BIOTECHNOLOGY VALUE FUND II, L.P.

 
 
By:
 
BVF Partners L.P., its general partner

 
 
 
 
By:
 
BVF Inc., its general partner

 
 
 
 
 
 
By:
 
/s/  MARK N. LAMPERT      
               
Mark N. Lampert
President

 
 
BVF INVESTMENTS, L.L.C.

 
 
By:
 
BVF Partners L.P., its manager

 
 
 
 
By:
 
BVF Inc., its general partner

 
 
 
 
 
 
By:
 
/s/  MARK N. LAMPERT      
               
Mark N. Lampert
President

 
 
BVF PARTNERS L.P.

 
 
By:
 
BVF Inc., its general partner

 
 
 
 
 
 
By:
 
/s/  MARK N. LAMPERT      
               
Mark N. Lampert
President

 
 
BVF INC.

 
 
 
 
 
 
By:
 
/s/  MARK N. LAMPERT      
               
Mark N. Lampert
President


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SCHEDULE 13D