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Palatin Technologies, Inc. Audit Concern

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In Form 10-K filed on September 19, 2016, Palatin Technologies, Inc.’s auditor, KPMG LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to KPMG, the Company has incurred recurring net losses and negative cash flows from operations and will require substantial additional financing to continue to fund its planned developmental activities. The Company had an accumulated deficit as of June 30, 2016 of $343,412,252 and incurred a net loss for fiscal 2016 of $51,712,936. The Company anticipates incurring additional losses in the future as a result of spending on its development programs and will require substantial additional financing to continue to fund its planned developmental activities. Read more on distressed companies.