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Palatin Technologies, Inc. to Raise $3.1 Million in Registered Direct Offering
Date:8/12/2009

CRANBURY, N.J., Aug. 12 /PRNewswire-FirstCall/ -- 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. (Nasdaq: 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 corporate purposes.

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 p
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SOURCE Palatin Technologies, Inc.
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