CRANBURY, N.J., March 1, 2011 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE Amex: PTN) today announced that it has completed its previously announced public offering of 23,000,000 units, consisting of 23,000,000 shares of its common stock, Series A Warrants to purchase 2,000,000 shares of its common stock and Series B Warrants to purchase 21,000,000 shares of its common stock, at a price to the public of $1.00 per unit. The net proceeds to Palatin from the sale of the units, after deducting underwriting discounts and commissions and other estimated offering expenses, were approximately $21.1 million.
Palatin intends to use the proceeds from this offering for general corporate purposes and working capital, including its clinical trial program with bremelanotide for female sexual dysfunction, and secondarily for its PL-3994 development programs for asthma and a development program for new peptides for sexual dysfunction.
Roth Capital Partners acted as sole book-running manager and Madison Williams and Company acted as co-manager.
The units were offered by Palatin Technologies pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission on February 23, 2011. Electronic copies of the prospectus may be obtained at the Securities and Exchange Commission's website at http://www.sec.gov/. Copies of the prospectus may also be obtained from Roth Capital Partners, LLC Equity Capital Markets, 24 Corporate Plaza, Newport Beach, CA 92660, at 800-678-9147 and Rothecm@roth.com.This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.