Palatin Technologies, Inc. to Raise $3.1 Million in Registered Direct Offering
13 August 2009 - 3:34AM
PR Newswire (US)
CRANBURY, N.J., Aug. 12 /PRNewswire-FirstCall/ -- Palatin
Technologies, Inc. (NYSE Amex: PTN) announced today that it will
raise approximately $3.1 million in gross proceeds, before
deducting placement agent fees and other estimated offering
expenses, in a registered direct offering of 9.5 million units, at
a price of $0.33 per unit. Each unit will consist of (i) one share
of common stock and (ii) a warrant exercisable at any time on or
after issuance and on or before the 5 year anniversary of the date
of issuance to purchase 0.35 of one share of common stock at an
exercise price of $0.33 per share of common stock. The units were
offered and sold pursuant to a prospectus supplement dated August
12, 2009 and an accompanying prospectus dated November 27, 2007,
pursuant to the Company's effective shelf registration statement
previously filed with the Securities and Exchange Commission.
Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman
& Renshaw Capital Group, Inc. (NASDAQ:RODM), served as the
exclusive placement agent for the offering. The closing of the
offering is subject to certain conditions, and is expected to occur
on or about August 17, 2009. Net proceeds from the financing will
be used primarily for funding research and development, clinical
trials, and general corporate purposes. This press release shall
not constitute an offer to sell or the solicitation of an offer to
buy nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction. Any offer will be made
only by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement. Copies of
the final prospectus supplement together with the accompanying
prospectus can be obtained at the SEC's website at
http://www.sec.gov/ or from Rodman & Renshaw, LLC by calling
212-356-0549. About Palatin Technologies, Inc. Palatin
Technologies, Inc. is a biopharmaceutical company focused on
discovering and developing targeted, receptor-specific small
molecule and peptide therapeutics. Palatin's strategy is to develop
products and then form marketing collaborations with industry
leaders in order to maximize their commercial potential. For
additional information regarding Palatin, please visit Palatin
Technologies' website at http://www.palatin.com/. Forward-looking
Statements Statements about future expectations of Palatin
Technologies, Inc., including statements about its development
programs, proposed indications for its product candidates,
pre-clinical activities, marketing collaborations, and all other
statements in this document other than historical facts, are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934 and as that term is defined in the Private Securities
Litigation Reform Act of 1995. Palatin intends that such
forward-looking statements be subject to the safe harbors created
thereby. Palatin's actual results may differ materially from those
discussed in the forward-looking statements for various reasons,
including, but not limited to Palatin's ability to fund development
of its technology, ability to establish and successfully complete
clinical trials and pre-clinical studies and the results of those
trials and studies, dependence on its partners for certain
development activities, need for regulatory approvals and
commercial acceptance of its products, ability to protect its
intellectual property, and other factors discussed in the Palatin's
periodic filings with the Securities and Exchange Commission.
Palatin is not responsible for updating for events that occur after
the date of this press release. DATASOURCE: Palatin Technologies,
Inc. CONTACT: Investor Inquiries, Stephen T. Wills, CPA, MST,
EVP-Operations-Chief Financial Officer of Palatin Technologies,
Inc., +1-609-495-2200, ; or Media Inquiries, Susan Neath, Vice
President, Investor Relations of Burns McClellan for Palatin
Technologies, Inc., +1-212-213-0006, Web Site:
http://www.palatin.com/
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