CRANBURY,
N.J., Jan. 30, 2024 /PRNewswire/ -- Palatin
Technologies, Inc. (NYSE American: PTN) ("Palatin" or the
"Company"), a biopharmaceutical company developing first-in-class
medicines based on molecules that modulate the activity of the
melanocortin receptor system, today announced that it has entered
into a definitive agreement with healthcare-focused institutional
investors for the issuance and sale of an aggregate of 1,831,503
shares of its common stock, at a purchase price of $5.46 per share of common stock. Palatin has also
agreed to issue in a private placement warrants to purchase up to
an aggregate of 1,831,503 shares of common stock at an exercise
price of $5.46 per share. The
warrants will become exercisable on the six months anniversary of
the closing date and will expire on the date that is four years
after the closing date.
H.C. Wainwright & Co. is acting as exclusive
placement agent for the offering.
The closing of the offering is expected to occur
on or about February 1, 2024, subject
to the satisfaction of customary closing conditions. The gross
proceeds from the offering are expected to be approximately
$10 million. Palatin intends to use
the net proceeds of this offering for general corporate
purposes.
The shares of common stock described above
(excluding the warrants and the shares of common stock underlying
the warrants) are being offered by Palatin pursuant to a shelf
registration statement on Form S-3 (File No. 333-262555) that was
previously filed with the Securities and Exchange Commission
("SEC") on February 7, 2022, and
subsequently declared effective on September
26, 2022. The offering of shares of common stock to be
issued in the registered direct offering is being offered only by
means of a prospectus, including a prospectus supplement, forming a
part of the effective registration statement. A final prospectus
supplement and accompanying base prospectus relating to, and
describing the terms of, the registered direct offering will be
filed with the SEC and will be available on the SEC's website
at www.sec.gov. Electronic copies of the final prospectus
supplement and the accompanying base prospectus relating to the
registered direct offering, when available, may also be obtained by
contacting H.C. Wainwright & Co., LLC, at 430 Park Ave.,
New York, New York 10022, by
telephone at (212) 856-5711, or by email
at placements@hcwco.com.
The warrants described above will be issued in a
private placement under Section 4(a)(2) of the Securities Act of
1933, as amended (the "Securities Act"), and Regulation D
promulgated thereunder and, along with the shares of common stock
underlying such warrants, will not be registered under the
Securities Act, or applicable state securities laws. Accordingly,
the warrants and underlying shares of common stock, upon issuance,
may not be offered or sold in the United
States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Securities Act and such applicable state
securities laws.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy the securities in this
offering, nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
About Palatin
Palatin is a biopharmaceutical company developing
first-in-class medicines based on molecules that modulate the
activity of the melanocortin receptor systems, with targeted,
receptor-specific product candidates for the treatment of diseases
with significant unmet medical need and commercial potential.
Palatin's strategy is to develop products and then form marketing
collaborations with industry leaders to maximize their commercial
potential. For additional information regarding Palatin, please
visit Palatin's website at www.Palatin.com and follow Palatin on
Twitter at @PalatinTech.
Forward-looking Statements
Statements in this press release that are not
historical facts, including statements related to the timing and
completion of the offering, the satisfaction of customary closing
conditions related to the offering and the intended use of proceeds
therefrom, are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the
Securities Exchange Act of 1934 and as that term is defined in the
Private Securities Litigation Reform Act of 1995. Palatin intends
that such forward-looking statements be subject to the safe harbors
created thereby. Forward-looking statements reflect the Company's
current views with respect to future events and are based on
assumptions and subject to known and unknown risks and
uncertainties, which change over time, and other factors that may
cause the Company's actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such factors include, without limitation, market and
other conditions, the ability of the Company to satisfy all
conditions precedent to the closing of the offering; the
anticipated use of proceeds from the offering; results of clinical
trials; regulatory actions by the FDA and other regulatory and the
need for regulatory approvals; Palatin's ability to fund
development of its technology and establish and successfully
complete clinical trials; the length of time and cost required to
complete clinical trials and submit applications for regulatory
approvals; products developed by competing pharmaceutical,
biopharmaceutical and biotechnology companies; commercial
acceptance of Palatin's products; and other factors discussed in
Palatin's periodic filings with the SEC. All forward-looking
statements included in this press release are made only as of the
date of this press release. The Company assumes no obligation to
update any written or oral forward-looking statement, whether as a
result of new information, future events or otherwise unless
required by law.
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SOURCE Palatin Technologies, Inc.