CRANBURY, N.J., June 29, 2020 /PRNewswire/ -- Palatin
Technologies, Inc. ("Palatin") (NYSE American: PTN) announced that
its 2020 Annual Meeting of Stockholders that convened on
June 25, 2020 has been adjourned
until July 23, 2020 at 9:00 a.m. Eastern Daylight Time to solicit
additional proxies for Proposal 4, approval of an amendment to our
Certificate of Incorporation to effect an increase in authorized
common stock from 300,000,000 shares to 500,000,000 shares. The
adjourned meeting will be a completely "virtual" meeting of
stockholders, and stockholders will be able to listen and
participate in the virtual annual meeting as well as vote and
submit your questions during the live webcast of the meeting by
visiting http://www.virtualshareholdermeeting.com/PTN2020 and
entering the 16–digit control number included in your Notice
Regarding the Availability of Proxy Materials, on your proxy card
or in the instructions that accompanied your proxy materials.
The Board of Directors believes approval of Proposal 4 is in the
best interests of Palatin and its stockholders because even though
Palatin has sufficient operating cash for at least two years and
does not have any current plans to offer any additional stock in
the foreseeable future, an increase provides future flexibility and
the necessary resources Palatin requires to take advantage of any
strategic opportunities that could result in an increase in
stockholder value. Proposal 4 is described in more detail in
Palatin's proxy statement dated May 11,
2020, furnished to stockholders in connection with the 2020
Annual Meeting.
We have seen significant stockholder support for Proposal
4. At the time of the meeting, approximately 58% of the
shares that had been voted on Proposal 4 were voted in its
favor. However, the favorable votes were less than the
absolute majority of all outstanding shares, which is required for
approval of this proposal. Proposals 1, 2, 3 and 5 were
approved at the Annual Meeting.
Palatin encourages any stockholder that has not yet voted its
shares on Proposal 4 or is uncertain if their shares have been
voted on Proposal 4 to contact their broker or bank. The Board of
Directors and management respectfully requests stockholders as of
the record date, April 29, 2020, to
please vote their proxies as soon as possible, but no later than
July 22, 2020 at 11:59 p.m. (Eastern Time). Stockholders who have
previously submitted their proxy or otherwise voted for the annual
meeting and who do not want to change their vote need not take any
action. For questions relating to the voting of shares or to
request additional or misplaced proxy voting materials, please
contact Palatin's proxy advisory group at
melissacarlson@allianceadvisors.com.
As described in the proxy statement, a stockholder may use one
of the following simple methods to vote before the July 23, 2020 adjourned meeting with respect to
Proposal 4:
- By Internet – www.proxyvote.com. If you have Internet
access, you may transmit your voting instructions up until
11:59 p.m., Eastern Daylight Time,
the day before the adjourned meeting date, that is, July 22, 2020. Go to www.proxyvote.com. You must
have your proxy card or Notice in hand when you access the web site
and follow the instructions to obtain your records and to create an
electronic voting instruction form.
- By telephone – 1-800-690-6903. You may vote using any
touch-tone telephone to transmit your voting instructions up until
11:59 p.m., Eastern Daylight Time,
the day before the meeting date, that is, July 22, 2020. Call 1-800-690-6903 toll free. You
must have your proxy card or Notice in hand when you call this
number and then follow the instructions.
- By mail – Mark, sign and date your proxy card and return
it in the postage-paid envelope we have provided. If you did not
receive a proxy copy, you may request proxy materials, including a
proxy card, by following the instructions in the Notice.
Votes must be received by 11:59 P.M.
Eastern Daylight Time on July 22,
2020 to be counted. After this time, the only way to cast a
vote is at the adjourned Annual Meeting on July 23, 2020, 9:00 a.m.
Eastern Daylight Time at
http://www.virtualshareholdermeeting.com/PTN2020.
About Palatin Technologies, Inc.
Palatin
Technologies, Inc. is a specialized biopharmaceutical company
developing first-in-class medicines based on molecules that
modulate the activity of the melanocortin and natriuretic peptide
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 in order to maximize their commercial potential.
For additional information regarding Palatin, please visit
Palatin's website at 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 need to for stockholders to approve Proposal
4, 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, sales of Vyleesi in
the United States and elsewhere in
the world, 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.
Important Information
In connection with the
solicitation of proxies, on May 11,
2020, Palatin filed a definitive proxy statement with the
Securities and Exchange Commission ("SEC") in connection with
Palatin's 2020 Annual Meeting. STOCKHOLDERS ARE STRONGLY ADVISED TO
READ THE DEFINITIVE PROXY MATERIALS AND ANY OTHER RELEVANT
SOLICITATION MATERIALS FILED BY PALATIN TECHNOLOGIES, INC. WITH THE
SEC BEFORE MAKING ANY VOTING OR INVESTMENT DECISION BECAUSE THESE
DOCUMENTS CONTAIN IMPORTANT INFORMATION. Palatin's proxy statement
and any other materials filed by Palatin with the SEC can be
obtained free of charge at the SEC's web site at www.sec.gov.
Palatin's proxy statement, notice of annual meeting, and annual
report to shareholders are available free of charge on Palatin's
website at www.palatin.com. The contents of the websites referenced
above are not deemed to be incorporated by reference into the proxy
statement.
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SOURCE Palatin Technologies, Inc.