Palatin Announces $10M Registered Direct Offering of 1.8M Shares at $5.46/Share

Author: Benzinga Newsdesk | January 30, 2024 09:07am

Palatin Technologies, Inc. (NYSE:PTN) ("Palatin" or the "Company"), a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor system, today 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.

Posted In: PTN