Palatin Technologies Announces Pricing of up to $23 Million Public Offering

Core Viewpoint - Palatin Technologies, Inc. has announced a public offering of common stock and warrants, aiming to raise approximately $11.5 million, with potential additional proceeds of up to $11.5 million from the exercise of milestone-related warrants [1][3]. Group 1: Offering Details - The public offering includes 76,666,667 shares of common stock and Series F, G, and H warrants, priced at $0.15 per share [1][2]. - Series F Warrants have an exercise price of $0.30 per share, are immediately exercisable, and expire five years from the issuance date [2]. - Series G Warrants have an exercise price of $0.15 per share, are immediately exercisable, and expire either 24 months from issuance or at the end of the FDA Exercise Period [2]. - Series H Warrants will be issued upon the exercise of Series G Warrants, with an exercise price of $0.225 per share and expiring 24 months after issuance [2]. Group 2: Use of Proceeds - The net proceeds from the offering are intended for working capital and general corporate purposes, particularly for the development of the company's obesity program [3]. Group 3: Closing and Agents - The closing of the offering is expected around May 8, 2025, pending customary closing conditions [3]. - A.G.P./Alliance Global Partners is the lead placement agent, with Laidlaw & Company (UK) Ltd. as the co-placement agent [4]. Group 4: Company Overview - Palatin Technologies is focused on developing first-in-class medicines targeting the melanocortin receptor system, addressing significant unmet medical needs [7]. - The company's strategy includes developing products and forming marketing collaborations to maximize commercial potential [7].