Palatin Technologies Launches $23 Million Public Offering
In an exciting development for the healthcare sector,
Palatin Technologies, Inc. (NYSE American: PTN) has publicly announced the pricing for an extensive public offering valued at up to
$23 million. Headquartered in Cranbury, New Jersey, Palatin is a leading biopharmaceutical company known for its innovative approach to drug development, especially focusing on molecules that modulate the activity of the melanocortin receptor system.
Offering Details
On May 7, 2025, Palatin disclosed that it would offer
76,666,667 shares of common stock, with a combined offering price set at
$0.15 per share. This initiative encompasses participation from both new and existing healthcare-oriented institutional investors, including key executives and board members from within the company. Furthermore, accompanying this common stock are three types of warrants:
Series F,
Series G, and
Series H, which provide investors with various rights to purchase additional shares in the future.
The details of the warrants are as follows:
- - Series F Warrants: Exercise price of $0.30 per share, immediate exercisability, expiring five years from the issuance date.
- - Series G Warrants: Exercise price of $0.15, also immediately exercisable, with an expiration set for either 24 months from the issuance date or at the conclusion of the FDA exercise period.
- - Series H Warrants: Issued upon exercising Series G, with an exercise price of $0.225, immediately exercisable, expiring 24 months post-issuance.
While Palatin expects to close this offering around May 8, 2025, the final amount raised may additionally reach
$11.5 million based on the potential exercise of the milestone-related Series G Warrants. However, the company has indicated that there is no assurance that all warrants will be exercised.
Purpose of Funds
The net proceeds from this public offering are earmarked primarily for enhancing Palatin’s working capital and supporting general corporate purposes. A significant portion will be directed towards advancing the company’s ongoing
obesity treatment program, a field which Palatin is increasingly investing in to develop groundbreaking solutions for patients.
Future Directions
Palatin Technologies maintains a strategy that emphasizes establishing marketing collaborations with industry leaders to maximize the commercial potential of its products. With an unwavering commitment to tackling significant unmet medical needs, Palatin aims to deliver innovative treatments that hold the promise of improving patients' lives.
For those interested in further details about the offering, the registration statement was declared effective by the
Securities and Exchange Commission (SEC) as of May 6, 2025. Investors and market participants can find more information, along with the prospectus, through the SEC’s website or by contacting the lead placement agent,
A.G.P./Alliance Global Partners.
Conclusion
Palatin Technologies is charting a significant course in the biopharmaceutical industry with this public offering. As it moves forward, the company continues to focus on its mission to enhance the quality of patient care while exploring new avenues in healthcare innovation. With its robust pipeline and strategic initiatives, Palatin remains a key player to watch in the evolving landscape of biopharmaceuticals.