CRANBURY, N.J., Dec. 1, 2016 /PRNewswire/ -- Palatin
Technologies, Inc. ("Palatin") (NYSE MKT: PTN) today announced the
pricing of an underwritten public offering of 25,384,616 shares of
its common stock and warrants to purchase 12,692,310 shares of its
common stock for anticipated gross proceeds of $16.5 million, before deducting underwriting
discounts and commissions and estimated offering expenses payable
by Palatin. The shares of common stock and warrants will be
offered as Series A Units, with each Series A Unit consisting of
one share of common stock and a Series J warrant to purchase 0.50
of a share of common stock, and will be priced at $0.65 per unit.
The offering is expected to close on or about December 6, 2016, subject to customary closing
conditions.
The Series J warrants are immediately exercisable at a price of
$0.80 per share of common stock and
will expire on the fifth anniversary of the date of issuance.
Canaccord Genuity is acting as sole book-running manager, Roth
Capital Partners is acting as lead manager and Chardan Capital
Markets is acting as co-manager for the offering.
The shares of common stock and warrants to purchase shares of
common stock described above are being offered pursuant to a shelf
registration statement previously filed with and declared effective
by the Securities and Exchange Commission (SEC). A preliminary
prospectus supplement and accompanying prospectus relating to the
offering has been filed with the SEC and is available for free on
the SEC's website at www.sec.gov. Copies of the final prospectus
supplement and the accompanying prospectus relating to the
offering, when available, may also be obtained from Canaccord
Genuity Inc., Attention: Equity Syndicate Department, 99 High
Street, 12th Floor, Boston,
Massachusetts 02110, by telephone at (617) 371-3900, or by
email at prospectus@canaccordgenuity.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of Palatin's securities. No
offer, solicitation or sale will be made in any state or other
jurisdiction in which such offering, solicitation or sale would be
unlawful.
About Palatin Technologies
Palatin Technologies, Inc. is a biopharmaceutical company
developing targeted, receptor-specific peptide therapeutics for the
treatment of diseases with significant unmet medical need and
commercial potential. Palatin's strategy is to develop products and
then form marketing collaborations with industry leaders in order
to maximize their commercial potential.
Forward-Looking Statements
Statements in this press release that are not historical facts,
including statements about future expectations of Palatin
Technologies, Inc., such as statements about the anticipated public
offering and other statements containing the words "anticipate,"
"believe," "estimate," "expect," "intend," "may," "plan,"
"predict," "project," "target," "potential," "will," "would,"
"could," "should," "continue," and similar expressions, 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. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that could cause Palatin's
actual results to be materially different from its historical
results or from any results expressed or implied by such
forward-looking statements. Palatin's actual results may differ
materially from those discussed in the forward-looking statements
for reasons including, but not limited to, the uncertainties
related to market conditions and the completion of the public
offering on the anticipated terms or at all, and other factors
discussed in 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.
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SOURCE Palatin Technologies, Inc.