Palatin Expects $11.5 Million Financing to Cure NYSE American Delisting Notice
Funding Supports Advancement of Obesity Program and Strategic Business Development Initiatives
- Advancement of novel next-generation MC4R long-acting peptides and oral small molecules
- IND applications planned for Q4 2025; clinical data expected H1 2026
- Phase 1 SAD/MAD studies to include patients with hypothalamic obesity
- Ocular asset collaborations expected in Q2 and Q3 2025
CRANBURY, N.J., May 7, 2025 /PRNewswire/ -- Palatin Technologies, Inc. (the "Company" or "Palatin") (NYSE:PTN), a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor system, announced today that it expects to close its previously announced pricing of a public offering consisting of $11.5 million upfront and up to an additional $11.5 million upon the cash exercise of the milestone related warrants, on May 8, 2025. The Company believes the upfront amount of $11.5 million in gross proceeds, combined with approximately $2.3 million in net proceeds received in April 2025 under its at-the-market (ATM) facility, and its current plans and operations will be sufficient to resolve the delisting determination of NYSE American.
The NYSE American had determined that Palatin had not regained compliance with Sections 1003(a)(i), (ii), and (iii) of its continued listing standards, related to stockholders' equity by the conclusion of its 18-month plan period, which expired on April 10, 2025. An appeal hearing is scheduled for later this quarter. While the Company cannot guarantee the appeal's outcome, it is confident that it meets the necessary listing requirements.
"We are extremely excited to announce this financing," said Carl Spana, Ph.D., President and CEO of Palatin. "Not only do we believe it will address the NYSE American delisting issue, but more importantly, it will allow us to accelerate development of our obesity pipeline, including next-generation MC4R-targeted long-acting peptides and oral small molecules. These candidates target general obesity, weight management, hypothalamic obesity (acquired and congenital), and rare/orphan MC4R-pathway genetic disorders. We plan to submit INDs in the fourth quarter of this year, with initial clinical data expected in the first half of 2026."
Dr. Spana added, "We are also seeing strong interest in our ocular portfolio. Discussions around collaborations and asset sales for our Phase 3 dry eye disease program, as well as our preclinical glaucoma and retina programs, are progressing well. Based on current momentum, we anticipate executing deals in the second and third quarters of this year."
Forward-looking Statements
Statements in this press release that are not historical facts, including statements about future expectations of Palatin Technologies, Inc., such as statements about the Company's appeal of the NYSE American's delisting determination, the Company's expectation that it will regain compliance with the NYSE American's continued listing standards, ocular asset collaborations expected in the second and third quarters of 2025 and the Company's plan to submit INDs in the fourth quarter of 2025 with initial clinical data expected in the first half of 2026, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results to be materially different from its historical results or from any results expressed or implied by such forward-looking statements.
Palatin Technologies® is a registered trademark of Palatin Technologies, Inc.
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SOURCE Palatin Technologies, Inc.