WASHINGTON (dpa-AFX) - Palatin Technologies, Inc. (PTN), a biopharmaceutical firm focused on melanocortin-based treatments, has priced a public offering totaling approximately $11.5 million.
The deal includes 76.7 million shares and accompanying Series F, G, and H warrants, all priced at $0.15 per unit. The offering attracted both new and existing healthcare-focused institutional investors, along with participation from Palatin's CEO, CFO, and board members, including its chairperson.
The Series F warrants are immediately exercisable at $0.30 per share and expire in five years. Series G warrants, exercisable at $0.15, expire after two years or upon the FDA Exercise Period deadline. Series H warrants, issued upon G warrant exercise, are priced at $0.225 and also expire in two years.
Closing is anticipated around May 8, 2025, pending standard conditions. Palatin may raise an additional $11.5 million if the Series G warrants are fully exercised, though this is not guaranteed. Net proceeds will primarily support general operations and the company's obesity drug development efforts.
PTN is currently trading at $0.0941 or 43.90$ lower on the NYSE American.
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