WASHINGTON (dpa-AFX) - Palatin Technologies, Inc. (PTN) Wednesday announced that it anticipates closing its previously disclosed public offering on May 8, 2025.
The offering includes $11.5 million in upfront gross proceeds and up to an additional $11.5 million upon milestone warrant exercises. Combined with $2.3 million raised through its at-the-market facility in April, the company believes the funds will help resolve the NYSE American's delisting concerns tied to stockholder equity standards.
The NYSE American previously found Palatin non-compliant with its continued listing requirements, and an appeal hearing is scheduled later this quarter. While the outcome isn't guaranteed, Palatin remains confident it meets the necessary criteria.
According to CEO Carl Spana, the new financing not only supports listing compliance but also accelerates development of Palatin's obesity-focused pipeline, including next-generation MC4R-targeted therapies. IND submissions are planned for Q4 2025, with early clinical data expected in the first half of 2026. Additionally, the company is progressing in partnership discussions for its ocular portfolio, with potential deals anticipated in the second and third quarters of this year.
PTN is currently trading at $0.0941 or 43.8982% lower on the NYSE American.
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