Palatin sells 1.83M shares at $5.46 in registered direct offering

Palatin Technologies announced that it has entered into a definitive agreement with healthcare-focused institutional investors for the issuance and sale of an aggregate of 1,831,503 shares of its common stock, at a purchase price of $5.46 per share of common stock. Palatin has also agreed to issue in a private placement warrants to purchase up to an aggregate of 1,831,503 shares of common stock at an exercise price of $5.46 per share. The warrants will become exercisable on the six months anniversary of the closing date and will expire on the date that is four years after the closing date. H.C. Wainwright & Co. is acting as exclusive placement agent for the offering. The closing of the offering is expected to occur on or about February 1, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $10M. Palatin intends to use the net proceeds of this offering for general corporate purposes.