CRANBURY, N.J., May 11, 2011 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE Amex: PTN), a biopharmaceutical company developing bremelanotide for sexual dysfunction indications and PL-3994 for acute asthma and other indications, held its annual meeting of stockholders today in Cranbury, N.J. Four proposals were submitted to, and approved by, stockholders.
Stockholders approved an increase in authorized common stock, from 40,000,000 shares to 100,000,000 shares. Seeking an increase in authorized common stock was required because of Palatin's $23 million underwritten public offering announced on February 24, 2011, and which closed on March 1, 2011. With stockholder approval Palatin has satisfied exercisability requirements for Series B Warrants issued in the underwritten public offering, and the $2.5 million penalty is waived.
Stockholders elected seven directors to Palatin's Board of Directors to hold office for a one-year term until the next annual meeting of stockholders, and until their successors are elected and qualified. The directors are Carl Spana, Ph.D., John K.A. Prendergast, Ph.D., Perry B. Molinoff, M.D., Robert K. deVeer, Jr., Zola P. Horovitz, Ph.D., Robert I. Taber, Ph.D. and J. Stanley Hull.
Stockholders also approved Palatin's 2011 Stock Incentive Plan and ratified the appointment of KPMG LLP as Palatin's independent registered public accounting firm for fiscal year ending June 30, 2011.About Palatin Technologies, Inc. Palatin Technologies, Inc. is a biopharmaceutical company focused on discovering and developing targeted, receptor-specific small molecule and peptide therapeutics. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential. For additional information regarding Palatin, please visit Palatin Technologies' website at http://www.palatin.com. SOURCE Palatin Technologies, Inc.
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