Palatin Announces Exercise of Warrants for Approximately $3.4 Million Gross Proceeds

Core Viewpoint - Palatin Technologies, Inc. has entered into a warrant exercise inducement agreement with an institutional investor to exercise outstanding warrants, resulting in gross proceeds of approximately $3.4 million [1][2]. Group 1: Warrant Exercise Agreement - The investor will exercise a total of 2,964,283 shares from June 2024 warrants and 943,396 shares from October 2023 warrants at an amended exercise price of $0.875 per share [2]. - In exchange for the immediate exercise of the warrants, the company will issue unregistered Series C and Series D warrants, allowing the purchase of an aggregate of 3,907,679 and 1,953,839 shares, respectively, at the same exercise price of $0.875 per share [2]. Group 2: Transaction Details - The transaction is expected to close around December 17, 2024, pending customary closing conditions [3]. - The net proceeds from the warrant exercise will be used for working capital and general corporate purposes [3]. Group 3: Company Overview - Palatin Technologies is focused on developing first-in-class medicines targeting the melanocortin receptor system, addressing diseases with significant unmet medical needs [6]. - The company's strategy includes developing products and forming marketing collaborations with industry leaders to enhance commercial potential [6].