Navigation Links
Palatin Technologies, Inc. To Raise $2.6 Million Dollars in Registered Direct Offering
Date:2/25/2010

CRANBURY, 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.

The units 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, 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 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 sexual dysfunction.

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.

About Palatin Technologies, Inc.

Palatin 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 www.palatin.com.

Forward-looking Statements

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.

SOURCE Palatin Technologies, Inc.

Back to top

RELATED LINKS
http://www.palatin.com

'/>"/>

SOURCE Palatin Technologies, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Palatin Technologies, Inc. Announces Dosing of Subcutaneous Bremelanotide Trial in Men
2. Palatin Technologies to Present at 8th Annual BIO Investor Forum
3. Palatin Technologies Presents PL-3994 Clinical Trial Results at the 12th Annual Scientific Meeting of the Heart Failure Association of America
4. Palatin Technologies Initiates Phase 2 Hypertension Clinical Study With PL-3994
5. Palatin Technologies, Inc. Reports Initiation of Human Trials for the Treatment of Congestive Heart Failure
6. King Pharmaceuticals and Palatin Technologies Delay Immediate Plans for Phase 3 Clinical Program With Bremelanotide for Erectile Dysfunction
7. Wound Management Technologies, Inc. Engages Miller Tabak, A National Investment Banking Firm Specializing in the Healthcare Market Space
8. Wound Management Technologies, Inc. Targets Multi-Billion Dollar Biomaterials Market; Releases Update on Resorbable Orthopedics
9. AVAX Technologies, Inc. Closes Bridge Financing
10. Axsun Technologies, A Wholly-Owned Subsidiary of Volcano Corporation, Announces Breakthrough Integrated Light Source Architecture for Optical Coherence Tomography (OCT) Imaging
11. Wound Management Technologies, Inc. Signs Agreement with Major Sales Representative Organization for Increased Marketing of CellerateRx(R); Third Quarter Sales Up
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/8/2016)... EAST NORRITON, Pa. , Feb. 8, 2016 ... acquisition of November Research Group (NRG),s pharmacovigilance ... of pharmacovigilance system-related consulting services and an Oracle ... regulatory compliance services to Life Sciences companies. ... acquisition strengthens and expands HighPoint,s life sciences capabilities ...
(Date:2/8/2016)... Pa. , Feb. 8, 2016  As part of ... has announced today the appointment of Lori Chmura ... than 20 years in the industry, Chmura,s extensive experience in ... the advancement of Dune Medical Devices. ... will be responsible for leading all sales, marketing and operational ...
(Date:2/8/2016)... Velano Vascular, a medical technology company transforming ... their practitioners, announced today that the company has raised ... the proceeds from this financing, an extension of a ... to support the development and commercialization of the company,s ... Philadelphia , and a number ...
Breaking Medicine Technology:
(Date:2/8/2016)... ... February 08, 2016 , ... Steve Helwig & Associates ... vital new community enrichment program, has teamed up with Citizens Opposed to Domestic Abuse ... from intimate abuse. To support all those victimized by the fear of violence in ...
(Date:2/8/2016)... , ... February 08, 2016 , ... Delta Dental of ... help combat pancreatic cancer. , Gary D. Radine, who recently retired as president and ... American Cancer Society’s 2015 CEO of the Year , helped lead the effort ...
(Date:2/8/2016)... ... February 08, 2016 , ... ... While a significant number of women and men with eating disorders report a ... that best predicts the development of an eating disorder. , At the ...
(Date:2/8/2016)... , ... February 08, 2016 , ... ... than 50% lower incidence rate of type 2 diabetes in the GrassrootsHealth cohort ... is time to make a change in public health,” states Carole Baggerly, Director ...
(Date:2/8/2016)... ... February 08, 2016 , ... ... speaking on how healthcare companies can use newly released government data on populations ... a population and intervene and capture the value they create to succeed in ...
Breaking Medicine News(10 mins):