Full Press Release Details
Technologies, Inc. To Raise $2.6 Million Dollars In Registered Direct
N.J., Feb. 25 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (NYSE Amex:
PTN) announced today that it has entered into definitive agreements with certain
accredited investors to sell in a registered direct offering 9.6 million units
at a price of $0.27 per unit for gross proceeds of $2.6 million, before
deducting placement agent fees and other offering expenses. Each unit
will consist of (i) one share of common stock, (ii) a Series A warrant
exercisable 181 days after issuance and expiring 3 years thereafter to purchase
0.33 of one share of common stock at an exercise price of $0.30 per share of
common stock, and (iii) a Series B warrant exercisable upon issuance and
expiring 180 days after issuance to purchase 0.33 of one share of common stock
at an exercise price of $0.27 per share of common stock.
were offered and sold pursuant to a prospectus supplement dated February 24,
2010 and an accompanying prospectus dated November 27, 2007, pursuant to the
Company's effective shelf registration statement previously filed with the
Securities and Exchange Commission. The closing of the offering is subject to
certain conditions, and is expected to occur on or about March 2,
& Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital
Group, Inc. (Nasdaq: RODM), served as the Company's exclusive placement agent
proceeds from the financing will be used to support clinical studies with
bremelanotide for treatment of erectile dysfunction, and for funding research
and development and general corporate purposes. Palatin is developing
subcutaneous bremelanotide as a therapeutic for treatment of male and female
press release shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of these securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction. Any offer will be made only by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration statement.
Copies of the final prospectus supplement together with the accompanying
prospectus can be obtained at the SEC's website at http://www.sec.gov or
from Rodman & Renshaw, LLC by calling 212-356-0549.
About Palatin Technologies,
Technologies, Inc. is a biopharmaceutical company dedicated to the development
of peptide, peptide mimetic and small molecule agonists with a focus on
melanocortin and natriuretic peptide receptor systems. Palatin's internally
developed drug pipeline utilizes proprietary approaches to discover potent rigid
conformers from flexible peptide starting points. 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 Technologies' website at
about future expectations of Palatin Technologies, Inc., including statements
about its development programs, proposed indications for its product candidates,
pre-clinical activities, marketing collaborations, and all other statements in
this document other than historical facts, 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.
Palatin's actual results may differ materially from those discussed in the
forward-looking statements for various reasons, including, but not limited to
Palatin's ability to fund development of its technology, ability to establish
and successfully complete clinical trials and pre-clinical studies and the
results of those trials and studies, dependence on its partners for certain
development activities, need for regulatory approvals and
acceptance of its products, ability to protect its intellectual property, and
other factors discussed in the 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.
/ Chief Financial Officer of Palatin Technologies
Noensie, Burns McClellan
President, Investor Relations