CRANBURY, N.J., Dec. 18,
2023 /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") approving Palatin's plan (the "Plan") to come into
compliance with the Exchange's continued listing standards under
Section 1003(a)(i) and (ii) of the NYSE American Company Guide.
Section 1003(a)(i) requires a listed company to have stockholders'
equity of $2 million or more if the
listed company has reported losses from continuing operations
and/or net losses in two of its three most recent fiscal years, and
Section 1003(a)(ii) requires a listed company to have stockholders'
equity of $4 million or more if the
listed company has reported losses from continuing operations
and/or net losses in three of its four most recent fiscal
years.
Palatin must regain compliance with the continued listing
standards by April 10, 2025. If
Palatin is not in compliance with the continued listing standards
by April 10, 2025, or if Palatin does
not make progress consistent with the Plan during the plan period,
NYSE Regulation staff will initiate delisting proceedings as
appropriate.
Palatin will continue its listing on NYSE American during the
Plan period and will be subject to periodic reviews, including
quarterly monitoring for compliance with the Plan until it has
regained compliance. Palatin is assessing and exploring multiple
funding avenues and is committed to undertaking 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 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 for 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.