Palatin Technologies Secures $3.4 Million from Warrant Exercise with New Investor Agreement

Palatin Technologies Secures $3.4 Million Through Warrant Exercise

Introduction
Palatin Technologies, Inc., a prominent biopharmaceutical firm listed on NYSE American under the ticker PTN, has made headlines by finalizing a warranted exercise inducement agreement. This strategic move facilitates the exercise of existing warrants, enabling the company to raise approximately $3.4 million in gross proceeds.

Details of the Agreement
On December 16, 2024, Palatin Technologies announced this significant step that comes as part of an inducement agreement with an institutional investor. The agreement revolves around warrants that Palatin initially issued between October 2023 and June 2024, totaling around 3.9 million shares of common stock. Notably, the investor has committed to exercising a considerable portion of these warrants, specifically 2,964,283 shares from the June 2024 series and 943,396 shares from the October 2023 series, both set at a revised exercise price of $0.875 each.

In a clear indication of mutual benefit, the company will provide the investor with additional unregistered Series C and Series D warrants. The Series C warrants will allow for the purchase of 3,907,679 shares, while the Series D warrants will cover 1,953,839 shares, both set at the same price of $0.875. Furthermore, the Series C warrants will be immediately exercisable, with a lifespan that lasts until five years following the closing date of this agreement.

Transaction Timeline and Utilization of Funds
The execution of this transaction is projected to close around December 17, 2024, contingent on standard closing conditions. As for the financial injection from this warrant exercise, Palatin plans to allocate these funds primarily towards working capital and general corporate purposes, further aiding their development of first-in-class medicines that leverage the melanocortin receptor system.

Company Vision
Palatin Technologies remains focused on its strategic goal of delivering innovative therapeutics that target significant unmet medical needs. By developing advanced products and engaging in fruitful marketing partnerships, the company aims to enhance their commercial prospects within the biopharmaceutical market.

Looking Ahead
In conclusion, this recent warrant exercise represents a pivotal moment for Palatin Technologies as it positions itself for future growth and development. The company is committed to utilizing the newly acquired capital intelligently while continuing its pursuit of groundbreaking biopharmaceutical solutions. Interested parties can follow updates and additional information via Palatin’s official website and social media channels, designed to keep investors and the public informed about their ongoing endeavors.

Palatin Technologies is a registered trademark of Palatin Technologies, Inc.