Palatin Announces Exercise of Warrants for Approximately $6.1 Million Gross Proceeds

Core Viewpoint - Palatin Technologies, Inc. has entered into a warrant inducement agreement with an institutional investor to exercise outstanding warrants, resulting in gross proceeds of approximately $6.1 million from the issuance of 3,233,277 shares of common stock [1]. Group 1: Warrant Inducement Agreement - The agreement involves the exercise of November 2022 and October 2023 outstanding warrants, totaling 1,818,812 and 1,415,095 shares respectively, at an amended exercise price of $1.88 per share [9]. - In exchange for the immediate exercise of these warrants, the company will issue unregistered Series A and Series B warrants, allowing the purchase of an additional 2,727,273 and 2,122,642 shares respectively, also at an exercise price of $1.88 per share [9]. - The Series A and B warrants will expire five years from the closing date, with certain portions of the Series B warrants exercisable only after stockholder approval [9]. Group 2: Financial Implications - The net proceeds from the exercise of the warrants are intended for working capital and general corporate purposes [5]. - The transaction is expected to close on or about June 24, 2024, pending customary closing conditions [5]. Group 3: Company Overview - Palatin Technologies is focused on developing first-in-class biopharmaceuticals that modulate the melanocortin receptor system, targeting diseases with significant unmet medical needs [3]. - The company's strategy includes forming marketing collaborations with industry leaders to maximize the commercial potential of its products [3].