Palatin Technologies, Inc

Palatin Technologies, Inc.(NYSEMKT:PTN) Reports Pricing of Common Stock and Warrants Public Offering

Palatin Technologies, Inc.(NYSEMKT:PTN) reported the pricing of public offering of over 25 million shares of its warrants and stock to buy more than 12 shares of its stock for expected gross proceeds of $16.5 million, before subtracting underwriting commissions and discounts and projected offering costs payable by company. The warrants and shares of common stock will be offered as Series ‘A’ Units, with each Series ‘A’ Unit comprising of per share of common stock and a Series ‘J’ warrant to buy 0.50 of a share of stock, and will be rated at $0.65 per unit.

Palatin public offering is projected to end on or close to December 6, 2016, contingent to customary closing terms. The Series ‘J’ warrants are instantly exercisable at a rate of $0.80 a share of stock and will retire on the fifth anniversary of the issuance date. Sole book-running manager as stated by the firm is Canaccord Genuity, lead manager is Roth Capital Partners and Chardan Capital Markets is made as co-manager for the offering.

The performance

In 1Q2017, pertaining to Palatin’s bremelanotide development plan for HSDD, they posted positive Phase III clinical data, both pivotal studies fulfill the pre-specified co-primary efficacy objectives of enhancement in desire and decline in the stress related with low sexual desire highlighting statistical significance and clinical meaningfulness.

On the financing aspect, in August 2016, the company completed an underwritten offering for gross proceeds of nearly $9.25 million with proceeds after minimizing operating expenses of around $8.5 million. They issued around 11.5 million shares of stock and ten-year pre-funded Series ‘I’ warrants to buy nearly 2.2 million shares of stock at an exercise rate of $0.01 a share and Series ‘H’ warrants to buy around 10.3 million shares of firm’s stock at an exercise rate of $0.70 per share.

In 1Q2017, Palatin posted a net loss of $0.08 per diluted and basic share for the quarter closed September 30, 2016, against a net loss of $0.08 per diluted and basic share for the comparable period in FY2015.

Related News

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyrıght 2015 All RIGHTS RESERVED.