CRANBURY, N.J., June 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 10.0 million units at a price of $0.20 per unit for gross proceeds of $2.0 million, before deducting placement agent fees and other offering expenses. Each unit will consist of one share of common stock and a warrant exercisable upon issuance and expiring one year after issuance to purchase 0.14 of one share of common stock at an exercise price of $0.20 per share of common stock.
The units were offered and sold pursuant to a prospectus supplement dated June 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 June 30, 2010.
Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), served as the Company's exclusive placement agent for the offering.
Net proceeds from the financing will be used to support clinical studies with PL-3994, and for funding research and development and general corporate purposes. Palatin is developing PL-3994, a peptide mimetic natriuretic peptid
|SOURCE Palatin Technologies, Inc.; Rodman & Renshaw Capital Group, Inc.|
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