Palatin Announces $10M Registered Direct Offering of 1.8M Shares at $5.46/Share

Palatin Technologies, Inc. +1.47%

Palatin Technologies, Inc.

PTN

2.07

+1.47%

Palatin Technologies, Inc. (NYSE: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 definitive agreement with healthcare-focused institutional investors for the issuance and sale of an aggregate of 1,831,503 shares of its common stock, at a purchase price of $5.46 per share of common stock. Palatin has also agreed to issue in a private placement warrants to purchase up to an aggregate of 1,831,503 shares of common stock at an exercise price of $5.46 per share. The warrants will become exercisable on the six months anniversary of the closing date and will expire on the date that is four years after the closing date.

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