Sells Net Operating Loss Tax Benefits Through
New Jersey Economic Development Program
CRANBURY, N.J., Jan. 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
has received approximately $4.7
million of non-dilutive funding through the New Jersey's Technology Business Tax
Certificate Transfer Program, more commonly known as the Net
Operating Loss (NOL) Program.
"We are pleased to take advantage of the New Jersey NOL program
which allows us to convert certain state operating losses into
tangible working capital today," said Stephen T. Wills, Palatin's Chief Financial
Officer and Chief Operating Officer. "We have received
approximately $18 million in
non-dilutive funding through the NOL program to date, and we are
thankful to the NJ Economic Development Authority for aiding our
efforts as we continue to develop drugs for various
indications."
The NOL program enables qualified, NJ-based technology or
biotechnology companies to sell net operating losses to unrelated
profitable corporations. This allows qualifying technology and
biotechnology companies with NOLs to turn their tax losses and
credits into cash proceeds to fund growth and operations, including
research and development or other allowable expenditures.
About Palatin Technologies,
Inc.
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, 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.
Palatin Technologies® is a registered trademark of Palatin
Technologies, Inc.
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SOURCE Palatin Technologies, Inc.