#United States #Palatin Technologies #Cranbury #NYSE American #MC4R peptides

Palatin Technologies Secures Funding

Palatin Technologies, Inc. (NYSE American: PTN), a biopharmaceutical leader in the development of innovative medications, is taking significant steps to avert a potential delisting from the NYSE American by securing up to $11.5 million in financing. This move is crucial for the company's ongoing efforts in advancing its obesity treatment initiatives and ensuring compliance with the exchange’s listing requirements.

The Funding Details

Expected to finalize on May 8, 2025, this public offering will provide Palatin with an upfront cash injection of $11.5 million, with the possibility of receiving an additional $11.5 million contingent on the exercise of milestone-related warrants. In conjunction with approximately $2.3 million already accrued in net proceeds through its at-the-market (ATM) facility, this newfound capital is anticipated to be instrumental in addressing the NYSE's delisting determination due to non-compliance with stockholder equity standards.

Compliance and Appeal

The NYSE American had informed Palatin that it failed to meet certain continued listing standards outlined in Sections 1003(a)(i), (ii), and (iii), particularly regarding stockholders' equity by the end of its 18-month compliance plan, which lapsed on April 10, 2025. Following this, Palatin intends to mount an appeal, the outcome of which remains uncertain, but the company expresses optimism about meeting the necessary criteria to continue its listing.

Commitment to Obesity Treatment Development

The financing not only addresses immediate compliance issues but also facilitates the acceleration of Palatin's obesity treatment pipeline. As articulated by Dr. Carl Spana, the company’s President and CEO, the upcoming funds will fuel the advancement of their next-generation MC4R-targeted long-acting peptides and oral small molecules. These treatments aim to tackle various forms of obesity and related genetic disorders through innovative therapeutic approaches. The company is on track to submit Investigational New Drug (IND) applications by the end of 2025, with initial clinical data anticipated in early 2026.

Future Prospects

Palatin is also witnessing positive momentum in its ocular pipeline, with ongoing discussions regarding collaborations and potential sales for their Phase 3 dry eye disease program and preclinical studies on glaucoma and retinal diseases. If executed successfully, these partnerships could enrich the company's offerings and further enhance its market position in the biopharmaceutical landscape.

With growing interest in Palatin's innovative solutions, particularly in the field of obesity management and ocular health, the company's swift action to secure financing underscores its commitment to advancing healthcare solutions while navigating the complexities of public market listing requirements.

Palatin Technologies remains resolute in its mission to deliver first-in-class medicines that address significant health challenges, reinforcing the critical role of financial stability in propelling scientific advancements and operational success. This funding round represents not just a lifeline to avert delisting, but a strategic step towards broader goals in therapeutics and business development for the future.