Palatin Expects $11.5 Million Financing to Cure NYSE American Delisting Notice

Core Viewpoint - Palatin Technologies, Inc. is advancing its obesity program and strategic business development initiatives through a public offering, which is expected to resolve its delisting issue with NYSE American and accelerate the development of its obesity pipeline [1][2][3] Group 1: Financial Developments - The company announced a public offering consisting of $11.5 million upfront and up to an additional $11.5 million upon the cash exercise of milestone-related warrants, expected to close on May 8, 2025 [1] - Approximately $2.3 million in net proceeds were received in April 2025 under its at-the-market (ATM) facility, contributing to the financial resources needed to address the delisting determination [1] Group 2: Compliance and Listing Status - NYSE American determined that Palatin had not regained compliance with its continued listing standards by the end of its 18-month plan period, which expired on April 10, 2025 [2] - An appeal hearing regarding the delisting is scheduled for later this quarter, with the company expressing confidence in meeting the necessary listing requirements [2] Group 3: Product Development and Pipeline - The financing is expected to accelerate the development of the company's obesity pipeline, including next-generation MC4R-targeted long-acting peptides and oral small molecules, targeting various obesity-related conditions [3][6] - The company plans to submit Investigational New Drug (IND) applications in the fourth quarter of 2025, with initial clinical data anticipated in the first half of 2026 [3][6] - Strong interest is noted in the ocular portfolio, with ongoing discussions for collaborations and asset sales related to its Phase 3 dry eye disease program and preclinical glaucoma and retina programs, with potential deals expected in the second and third quarters of 2025 [3]