CRANBURY, N.J., Feb. 7, 2025
/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 definitive agreements with a
single healthcare focused institutional investor for the purchase
and sale of 4,688,000 shares of its common stock (or common stock
equivalents in lieu thereof) in a registered direct offering (the
"Registered Direct Offering") at a purchase price of $1.00 per share.
The Company also agreed to issue to the same investor in a
concurrent private placement warrants to purchase up to an
aggregate of 4,688,000 shares of common stock (the "Private
Placement" and, together with the Registered Direct Offering, the
"Offering"). The warrants being issued in the concurrent Private
Placement will have an exercise price of $1.00 per share, will be exercisable beginning on
the six-month anniversary of the date of issuance and will expire
five and a half years from the date of issuance.
The closing of the Offering is expected to occur on or about
February 10, 2025, subject to the
satisfaction of customary closing conditions. The gross proceeds
from the Offering are expected to be approximately $4.7 million. The Company intends to use the net
proceeds from the Offering for general corporate purposes.
A.G.P./Alliance Global Partners is acting as lead placement
agent for the Offering and Laidlaw & Company (UK) Ltd. is
acting as co-placement agent for the Offering.
The Registered Direct Offering is being made pursuant to the
Company's shelf registration statement on Form S-3 (File No.
333-262555) filed with the U.S. Securities and Exchange Commission
(the "SEC") on February 7, 2022,
amended on September 23, 2022 and
declared effective on September 26,
2022. The Offering will be made only by means of a
prospectus, including a prospectus supplement, forming a part of
the effective registration statement. A prospectus supplement and
accompanying prospectus describing the terms of the Offering will
be filed with the SEC and will be available on the SEC's website
located at http://www.sec.gov. Electronic copies of the prospectus
supplement and accompanying prospectus may be obtained, when
available, from A.G.P./Alliance Global Partners, 590 Madison
Avenue, 28th Floor, New York, NY
10022, or by telephone at (212) 624-2060, or by email at
prospectus@allianceg.com.
The Private Placement of the warrants will be made in reliance
on an exemption from registration under Section 4(a)(2) of the
Securities Act and/or Regulation D thereunder. Accordingly, the
securities issued in the concurrent Private Placement 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 shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, 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 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.
