Full Press Release Details
PALATIN TECHNOLOGIES,
INC. TO RAISE $3.1 MILLION
IN REGISTERED DIRECT OFFERING
CRANBURY, NJ August 12, 2009
Palatin Technologies, Inc. (NYSE Amex: PTN) announced today that it will raise
approximately $3.1 million in gross proceeds, before deducting placement agent fees and
other estimated offering expenses, in a registered direct offering of 9.5 million units,
at a price of $0.33 per unit. Each unit will consist of (i) one share of common stock and
(ii) a warrant exercisable at any time on or after issuance and on or before the 5 year
anniversary of the date of issuance to purchase 0.35 of one share of common stock at an
exercise price of $0.33 per share of common stock.
The units were offered and sold
pursuant to a prospectus supplement dated August 12, 2009 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.
Rodman & Renshaw, LLC, a wholly
owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NasdaqGM: RODM), served as
the exclusive placement agent for the offering. The closing of the offering is subject to
certain conditions, and is expected to occur on or about August 17, 2009.
Net proceeds from the financing will
be used primarily for funding research and development, clinical trials, and general
This 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.
Palatin Technologies, Inc. is a
biopharmaceutical company focused on discovering and developing targeted,
receptor-specific small molecule and peptide therapeutics. 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 www.palatin.com.
Statements 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 commercial 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.
Palatin Technologies
Stephen T. Wills, CPA, MST
EVP-Operations / Chief Financial
Tel: (609) 495-2200/info@palatin.com
Palatin Technologies
Vice President, Investor Relations
Tel: (212) 213-0006/sneath@burnsmc.com