Palatin Technologies closes $18.2 million public offering

Palatin Technologies Inc. (NYSE American: PTN) completed its underwritten public offering of 2,795,384 shares of common stock and pre-funded warrants, raising approximately $18.2 million in gross proceeds before underwriting fees and expenses.

The Princeton, New Jersey-based biopharmaceutical company sold the shares at $6.50 per unit, with each unit including Series J and Series K warrants to purchase additional shares. The offering included the full exercise of underwriters' over-allotment option for 364,615 additional shares.

The company may receive up to an additional $18.2 million if milestone-related Series J warrants are exercised, though there is no guarantee of such exercise, according to the company's statement.

Palatin plans to use proceeds to support development of its obesity program and for working capital and general corporate purposes. The company develops medicines based on molecules that modulate melanocortin receptor systems.

The offering enabled Palatin to regain compliance with NYSE American continued listing standards under the stockholders' equity rule. Trading of the company's common stock resumed on NYSE American under symbol "PTN" on November 12.

A.G.P./Alliance Global Partners served as sole book-running manager for the offering, with Laidlaw & Company (UK) Ltd. acting as lead manager. The offering included participation from institutional investors as well as the company's chief executive officer, chief financial officer and certain board members.

A registration statement for the offering became automatically effective with the Securities and Exchange Commission on November 5.

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