CRANBURY, N.J., Oct. 7, 2024
/PRNewswire/ -- Palatin Technologies, Inc. (NYSE American: PTN), a
biopharmaceutical company developing first-in-class medicines based
on molecules that modulate the activity of the melanocortin
receptor system, today announced it received a notice from the
staff of NYSE American LLC (the "Exchange") that Palatin was not in
compliance with the Exchange's continued listing standards under
Section 1003(a)(iii) of the NYSE American Company Guide. Section
1003(a)(iii) requires a listed company to have stockholders' equity
of $6 million or more if the listed
company has reported losses from continuing operations and/or net
losses in its five most recent fiscal years. Palatin previously
reported that it was not in compliance with continued listing
standards under Section 1003(a)(i) and (ii).
Palatin remains subject to the procedures and requirements of
Section 1009 of the NYSE American Company Guide. Palatin submitted
a plan (the "Plan") of actions it has taken or will take to regain
compliance with the continued listing standards by April 10, 2025. The Exchange accepted the Plan
and granted a Plan period through April 10,
2025 to regain compliance with the continued listing
standards, which now includes continued listing standards under
Section 1003(a)(iii). Palatin will be able to continue its listing
during the Plan period and will be subject to periodic reviews,
including quarterly monitoring for compliance with the Plan.
Palatin is assessing and exploring multiple funding avenues and is
committed to undertaking a transaction or transactions in the
future to achieve compliance with the Exchange's requirements.
Receipt of the notice from the Exchange has no immediate effect
on the listing or trading of Palatin's common stock on the
Exchange, and does not affect Palatin's business, operations or
reporting requirements with the U.S. Securities and Exchange
Commission.
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 about
future expectations of Palatin, 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. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
that could cause Palatin's actual results to be materially
different from its historical results or from any results expressed
or implied by such forward-looking statements. Palatin's actual
results may differ materially from those discussed in the
forward-looking statements for reasons including, but not limited
to, actions of Palatin and/or the Exchange to be taken with respect
to matters discussed in the letter from the Exchange, Palatin's
ability to undertake a transaction or transactions in the future to
achieve compliance with the Exchange's requirements or otherwise
regain compliance with the Exchange's continued listing standards,
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, and other factors discussed
in Palatin's periodic filings with the Securities and Exchange
Commission. Palatin is not responsible for updating events that
occur after the date of this press release.
Palatin Technologies® is a registered trademark of
Palatin Technologies, Inc.
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SOURCE Palatin Technologies, Inc.