Palatin Technologies, Inc. Raises $22.7 Million in Private Equity Transaction
CRANBURY, N.J.--(BUSINESS WIRE)--Jan. 30, 2004--Palatin Technologies, Inc. (AMEX:PTN), a biopharmaceutical company focused on discovering and developing melanocortin-based therapeutics, announced today that it has concluded an offering which yielded gross proceeds of approximately $22.7 million through the sale of common stock and warrants to primarily institutional investors. Proceeds from the transaction will be used for the continued development of PT-141, Palatin's lead therapeutic candidate for the treatment of both male and female sexual dysfunction, LeuTech(R), a monoclonal antibody for imaging and diagnosing infections, drug discovery efforts and general corporate purposes.
Carl Spana, Ph.D., Palatin's President and CEO said, "This transaction was an opportunity for Palatin to secure additional funds to support our current and planned programs and provide us with greater operational flexibility. The Company remains committed to prudent resource management. These additional funds, together with our cash and cash equivalents on-hand, will support our operations well into calendar year 2005."
The Company sold approximately 7 million common shares at $3.25 per share. The total number of five year warrants was equivalent to 15% of the total number of shares of common stock sold, at an exercise price of $4.06. CIBC World Markets Corp. acted as lead placement agent, with Legg Mason Wood Walker, Incorporated acting as co-placement agent for this transaction. Investors in the offering included: Alexandra Investment Management, Lurie Investments, Inc., Albert Fried & Company, Elliott Associates, L.P., Perry Partners International, Inc., Deutsche Bank AG London, Clariden Biotechnology Equity Fund and Lombard Odier Darier Hentsch & Company.
The securities offered were not registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Under the terms of the transaction, Palatin has agreed to file a registration statement, registering for resale the common stock sold and the common stock issuable on exercise of the warrants, within thirty days of the closing.
About Palatin Technologies, Inc.
Palatin Technologies, Inc. (AMEX:PTN) is a development stage biopharmaceutical company focused on discovering and developing melanocortin-based (MC) therapeutics. The company is currently conducting clinical investigations with its lead drug PT-141, an MC receptor agonist, for the treatment of male and female sexual dysfunction. Palatin is also developing a product for infection imaging, LeuTech(R), based on a proprietary radiolabeled monoclonal antibody. Palatin's patented drug discovery platform, MIDAS(TM), streamlines the drug design process with an efficient approach to identify lead compounds from protein targets for drugs. For further information, visit the Palatin web site at www.palatin.com.
Statements about the Company's future expectations, including development and regulatory plans, and all other statements in this document other than historical facts, 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. Palatin's actual results may differ materially from its historical results of operations and those discussed in the forward-looking statements for various reasons, including, but not limited to the Company's ability to carry out its business plan, successful development and commercial acceptance of its products, ability to fund development of technology, the risk that products may not result from development activities, protection of its intellectual property, ability to establish and successfully complete clinical trials for product approval, need for regulatory approvals, dependence on its partners for development of certain projects, and other factors discussed in the Company's periodic filings with the Securities and Exchange Commission. The Company is not responsible for events not updated after the date on this press release.
Contacts
For Palatin Technologies:
Carl Spana, Ph.D., 609-495-2200
cspana@palatin.com
or
Stephen T. Wills, 609-495-2200
swills@palatin.com
or
For Institutional Investors:
MontRidge, LLC
Janet Dally, 203-894-8038
jdally@montridgellc.com
or
For Media:
Lazar Partners, LTD
Felicia Vonella, 212-867-1762
fvonella@lazarpartners.com
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