Palatin Technologies, Inc. To Raise $2.6 Million Dollars in Registered Direc... (ter issuance to purchase 0.33 of one sha...)

Palatin Technologies, Inc. To Raise $2.6 Million Dollars in Registered Direct Offering

Date:2/25/2010

ter 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.

SOURCE Palatin Technologies, Inc.
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