CRANBURY, N.J., June 21,
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 warrant inducement agreement
with an institutional investor to exercise certain outstanding
warrants that the Company issued in November
2022 and October 2023 totaling
3,233,277 shares of the Company's common stock for gross proceeds
of approximately $6.1 million.
Pursuant to the warrant inducement agreement, the investor has
agreed to exercise November 2022
outstanding warrants to purchase an aggregate of 1,818,812 shares
of the Company's common stock and has agreed to exercise
October 2023 outstanding warrants to
purchase an aggregate of 1,415,095 shares of the Company's common
stock, both sets at an amended exercise price of $1.88 per share. In consideration for the
immediate exercise of the warrants, the Company also agreed to
issue the investor unregistered Series A warrants to purchase an
aggregate of 2,727,273 shares of the Company's common stock, and
Series B warrants to purchase an aggregate of 2,122,642 shares of
the Company's common stock. The Series A and B warrants will each
have an exercise price of $1.88 per
share and will expire on the five-year anniversary of the closing
date. The Series A warrants and 498,441 of the Series B warrants
are exercisable immediately, with 1,624,201 shares of common stock
underlying the Series B warrants exercisable beginning on the
effective date of stockholder approval and will expire on the
five-year anniversary from the date of stockholder approval.
The transaction is expected to close on or about June 24, 2024, subject to the satisfaction of
customary closing conditions. The Company intends to use the
net proceeds from the exercise of warrants for working capital and
general corporate purposes.
The Series A and B warrants described above are being issued
pursuant to 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.
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 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.
Palatin Technologies® is a registered trademark of Palatin
Technologies, Inc.
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SOURCE Palatin Technologies, Inc.