CRANBURY, N.J., Dec. 7, 2016 /PRNewswire/ -- Palatin
Technologies, Inc. ("Palatin") (NYSE MKT: PTN) announced that it
has closed on a previously disclosed underwritten public offering
of units with gross proceeds of $16,500,000. Canaccord Genuity acted as
sole book-running manager, Roth Capital Partners acted as lead
manager and Chardan Capital Markets acted as co-manager for the
offering.
"This financing provides us with approximately $15.4 million in net proceeds, allowing us to
continue advancing bremelanotide for hypoactive sexual desire
disorder," said Stephen T. Wills,
Executive Vice President and Chief Financial Officer of Palatin
Technologies. "We look forward to submitting a new drug
application on bremelanotide in the second half of next year."
In the offering Palatin issued 25,384,616 shares of its common
stock and five year Series J warrants to purchase 12,692,310 shares
of its common stock at an exercise price of $0.80 per share.
About Bremelanotide for Hypoactive Sexual Desire
Disorder
Palatin is developing bremelanotide as a subcutaneous,
on-demand, as needed treatment for premenopausal women diagnosed
with hypoactive sexual desire disorder (HSDD). Bremelanotide,
which is a melanocortin 4 receptor agonist drug candidate, is a
synthetic peptide analog of the naturally occurring hormone
alpha-MSH (melanocyte-stimulating hormone). In clinical studies
bremelanotide is self-administered on an as-needed (not chronic)
basis in anticipation of sexual activity.
About Female Sexual Dysfunction and HSDD
Female sexual dysfunction (FSD) covers multi-factorial
conditions that have anatomical, physiological, medical,
psychological and social components. Palatin intends to seek
approval of bremelanotide for HSDD, which is the largest category
of FSD.
HSDD is a medical condition marked by low desire for sexual
activity and a lack of sexual thoughts or fantasies, which causes a
woman personal distress or puts a strain on the relationship with
her partner, and cannot be accounted for by another medical,
physical or psychiatric condition, or as a result of other
medication. It is estimated that as many as one in 10 premenopausal
women may have the signs of HSDD at some point in their life, and
as such a treatment for HSDD represents a major opportunity to
address a significant medical need.
About Palatin Technologies
Palatin Technologies, Inc. is a biopharmaceutical company
developing targeted, receptor-specific peptide therapeutics 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 in order
to maximize their commercial potential. For additional information
regarding Palatin, please visit Palatin's website at
http://www.palatin.com.
Forward-Looking Statements
Statements in this press release that are not historical facts,
including statements about future expectations of Palatin
Technologies, Inc., such as statements about the anticipated public
offering and other statements containing the words "anticipate,"
"believe," "estimate," "expect," "intend," "may," "plan,"
"predict," "project," "target," "potential," "will," "would,"
"could," "should," "continue," and similar expressions, 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, the uncertainties
related to market conditions and the completion of the public
offering on the anticipated terms or at all, and other factors
discussed in Palatin's periodic filings with the Securities and
Exchange Commission. Palatin is not responsible for updating for
events that occur after the date of this press release.
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SOURCE Palatin Technologies, Inc.