Item 1(a)    Name of Issuer:

Palatin Technologies, Inc.

Item 1(b)    Address of Issuer’s Principal Executive Offices:

4-C Cedar Brook Drive Cranbury, New Jersey 08512

Item 2(a)    Name of Person Filing:

Mark Slezak

Item 2(b)    Address of Principal Business Office or, if none, Residence:

c/o Lurie Investments, Inc.
Two North Riverside Plaza
Suite 1500
Chicago, IL 60606

Item 2(c)    Citizenship:

United States of America

Item 2(d)    Title of Class of Securities:

Common Stock, $.01 par value per share

Item 2(e)    CUSIP Number:

696077304

Item 3.    If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

        ý   Not Applicable

(a)   o   Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b)   o   Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c)   o   Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d)   o   Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

(e)   o   An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);

(f)   o   An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);

(g)   o   A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);

(h)   o   A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)   o   A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment
             Company Act of 1940 (15 U.S.C. 80a-3);

(j)   o   Group, in accordance with §240.13d-1(b)(1)(ii)(J).

Item 4.    Ownership

The Reporting Person’s calculation of its percentage ownership of the common stock, $0.01 par value per share of Palatin Technologies, Inc., (“Common Stock”) is based upon 53,980,506 shares of Common Stock issued and outstanding as of the close of business on November 5, 2004, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the Commission on November 9, 2004 and includes the beneficial ownership by the Reporting Person of an aggregate of 766,197 warrants (the “Warrants”) to purchase an equivalent number of shares of Common Stock that are exercisable within 60 days of the date of this Schedule 13G.

          (a)    Amount beneficially owned:

4,285,984

          (b)    Percent of class:

7.94%

          (c)    Number of shares as to which the person has:

(i)     Sole power to vote or to direct the vote

   1,587,974*

(ii)     Shared power to vote or to direct the vote

   2,698,010**

(iii)     Sole power to dispose or direct the disposition of

   1,587,974*

(iv)     Shared power to dispose or to direct the disposition of

   2,698,010**

Item 5.    Ownership of Five Percent of Less of a Class

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following £

Item 6.    Ownership of More than Five Percent on Behalf of Another Person

Not Applicable

Item 7.    Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding
                Company or Control Person

Not Applicable.

Item 8.    Identification and Classification of Members of the Group

Not Applicable.

Item 9.    Notice of Dissolution of Group

Not Applicable.

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.

SIGNATURE

     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.