CRANBURY, N.J., Feb. 1, 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 the closing of its previously announced registered direct
offering of 1,831,503 shares of its common stock, at a purchase
price of $5.46 per share of common
stock. Palatin has also issued 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 are exercisable on the six month anniversary of the
closing date and will expire on the date that is four years after
the closing date.
H.C. Wainwright & Co. acted as exclusive placement agent for
the offering.
The gross proceeds from the offering were approximately
$10 million before deducting
placement agent fees and estimated offering expenses. 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)
were 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
shares of common stock issued in the registered direct offering
were 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 was filed with the SEC and is 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 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 were 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, have not been 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 intended use of proceeds from the offering, 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 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.