CRANBURY, N.J., Oct. 31,
2022 /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 that
it has entered into a definitive agreement with a single
healthcare-focused institutional investor for the issuance and sale
of an aggregate of 1,818,182 shares of its common stock (or common
stock equivalents in lieu thereof) and warrants to purchase up to
an aggregate of 1,818,182 shares of common stock, at a purchase
price of $5.50 per share and
accompanying warrant. The warrants will be exercisable commencing
six months following the issuance date, will expire five and
one-half years following the issuance date and have an exercise
price of $5.83 per share.
H.C. Wainwright & Co. is acting as exclusive placement agent
for the offering.
The closing of the offering is expected to occur on or about
November 2, 2022, subject to the
satisfaction of customary closing conditions. The gross proceeds
from the offering are expected to be approximately $10 million. Palatin intends to use the net
proceeds of this offering for general corporate purposes.
The securities described above are being 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 securities are being
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 offering will be
filed with the SEC and will be 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 offering, when
available, 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.
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
registered direct offering, the satisfaction of customary closing
conditions related to the registered direct 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. 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, market and other conditions, 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 Securities and
Exchange Commission. Palatin is not responsible for updating for
events that occur after the date of this press release, except as
required by law.
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SOURCE Palatin Technologies, Inc.