CRANBURY, N.J., Dec. 16,
2024 /PRNewswire/ -- Palatin Technologies, Inc.
(NYSE American: PTN) ("Palatin" or the "Company"), a
biopharmaceutical company developing first-in-class medicines based
on molecules that modulate the activity of the melanocortin
receptor system, today announced that it has entered into a warrant
exercise inducement agreement (the "inducement agreement") with an
institutional investor to exercise certain outstanding warrants
that the Company issued in June 2024
and October 2023 totaling 3,907,679
shares of the Company's common stock for gross proceeds of
approximately $3.4 million.
Pursuant to the inducement agreement, the investor has agreed to
exercise a portion of its June 2024
outstanding warrants to purchase an aggregate of 2,964,283 shares
of the Company's common stock and has agreed to exercise its
October 2023 outstanding warrants to
purchase an aggregate of 943,396 shares of the Company's common
stock, both sets at an amended exercise price of $0.875 per share. In consideration for the
immediate exercise of the warrants, the Company also agreed to
issue to the investor unregistered Series C warrants to purchase an
aggregate of 3,907,679 shares of the Company's common stock and
Series D warrants to purchase an aggregate of 1,953,839 shares of
the Company's common stock. The Series C and D warrants will each
have an exercise price of $0.875 per
share. The Series C warrants are exercisable immediately and will
expire on the five-year anniversary of closing date. The Series D
warrants are exercisable beginning on the effective date of
stockholder approval of the issuance of shares upon exercise of
such warrants and will expire on the five-year anniversary from the
date of stockholder approval.
The transaction is expected to close on or about December 17, 2024, subject to the satisfaction of
customary closing conditions. The Company intends to use the net
proceeds from the exercise of warrants for working capital and
general corporate purposes.
The Series C and D warrants described above are being issued in
reliance on Section 4(a)(2) of the Securities Act of 1933, as
amended (the "Securities Act"), and, along with the shares of
common stock underlying such warrants, have not been registered
under the Securities Act or applicable state securities laws.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities in this offering,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Palatin
Palatin is a biopharmaceutical company
developing first-in-class medicines based on molecules that
modulate the activity of the melanocortin receptor systems, with
targeted, receptor-specific product candidates 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 to maximize their
commercial potential. For additional information regarding Palatin,
please visit Palatin's website at www.Palatin.com and follow
Palatin on Twitter at @PalatinTech.
Forward-looking Statements
Statements in this press
release that are not historical facts, including statements related
to the timing and completion of the offering, the satisfaction of
customary closing conditions related to the offering and the
intended use of proceeds therefrom, 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. Forward-looking
statements reflect the Company's current views with respect to
future events and are based on assumptions and subject to known and
unknown risks and uncertainties, which change over time, and other
factors that may cause the Company's actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Such factors include, without
limitation, market and other conditions; the anticipated use of
proceeds from the offering; results of clinical trials; regulatory
actions by the FDA and other regulatory and the need for regulatory
approvals; Palatin's ability to fund development of its technology
and establish and successfully complete clinical trials; the length
of time and cost required to complete clinical trials and submit
applications for regulatory approvals; products developed by
competing pharmaceutical, biopharmaceutical and biotechnology
companies; commercial acceptance of Palatin's products; and other
factors discussed in Palatin's periodic filings with the SEC. All
forward-looking statements included in this press release are made
only as of the date of this press release. The Company assumes no
obligation to update any written or oral forward-looking statement,
whether as a result of new information, future events or otherwise
unless required by law.
Palatin Technologies® is a registered trademark of
Palatin Technologies, Inc.
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SOURCE Palatin Technologies, Inc.
