CRANBURY, N.J., Aug. 1, 2016 /PRNewswire/ -- Palatin
Technologies, Inc. (NYSE MKT: PTN) today announced that it has
priced an underwritten offering of units with anticipated gross
proceeds of $9.25 million. Each
unit will consist of a share of common stock and a Series H warrant
to purchase 0.75 of a share of common stock. Investors whose
purchase of units in the offering would result in them beneficially
owning more than 9.99% of the Company's outstanding common stock
following the completion of the offering will have the opportunity
to acquire units with Series I prefunded warrants substituted for
any common stock they would have otherwise acquired.
The units of common stock and Series H warrants will be priced
at $0.675, and units of Series I
prefunded warrants and Series H warrants will be priced at
$0.665. The Series H warrants
will be exercisable six months following the date of issuance, will
expire on the fifth anniversary of the date of issuance, and have
an exercise price of $0.70. The
Series I prefunded warrants are immediately exercisable at par
value, $0.01 per share, and expire on
the tenth anniversary of the date of issuance. Upon closing
the Company will issue a total of approximately 13.7 million common
shares and Series I prefunded warrants exercisable for common
shares, and Series H warrants to purchase approximately 10.3
million common shares.
Canaccord Genuity Inc. is acting as the sole bookrunner and Roth
Capital Partners is acting as lead manager for the offering.
The closing of the offering is subject to certain customary
conditions, and is expected to occur on or about August 4, 2016.
Palatin Technologies intends to use the net proceeds from the
offering to complete its Phase 3 clinical trials for bremelanotide
for treatment of hypoactive sexual desire disorder, the dominant
type of female sexual dysfunction, in premenopausal women, and for
other clinical and product development activities and working
capital and general corporate purposes.
The offering is being made pursuant to a shelf registration
statement (File No. 333-206047) previously filed with and declared
effective by the U.S. Securities and Exchange Commission
(SEC). A prospectus supplement and accompanying base
prospectus related to the offering will be filed with the
SEC. Electronic copies of the prospectus supplement and
accompanying base prospectus can be obtained through the website of
the SEC at www.sec.gov. When available, copies of the
prospectus supplement and the accompanying base prospectus may also
be obtained by contacting the Syndicate Department of Canaccord
Genuity Inc., Attention: Syndicate Department, 99 High Street, 12th
Floor, Boston, Massachusetts
02110, or by telephone/email at (800)
225-6201/prospectus@canaccordgenuity.com.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor shall there be
any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. This offering may be made only by means of a
prospectus supplement and accompanying base prospectus.
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. For additional information
regarding Palatin, please visit Palatin's website at
http://www.palatin.com.
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 clinical trial results,
potential actions by regulatory agencies, financings and the need
for additional financings, and projected operations 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 availability of
suitable financing on acceptable terms, results of nonclinical,
preclinical and toxicology studies, result of clinical trials,
regulatory actions by the FDA and the need for regulatory
approvals, regulatory actions by the USPTO, 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 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.