Palatin Technologies (PTN) Prices $16.5M Common Stock, Warrants Offering

December 1, 2016 8:21 AM EST

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Palatin Technologies, Inc. (NYSE: PTN) announced the pricing of an underwritten public offering of 25,384,616 shares of its common stock and warrants to purchase 12,692,310 shares of its common stock for anticipated gross proceeds of $16.5 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Palatin. The shares of common stock and warrants will be offered as Series A Units, with each Series A Unit consisting of one share of common stock and a Series J warrant to purchase 0.50 of a share of common stock, and will be priced at $0.65 per unit.

The offering is expected to close on or about December 6, 2016, subject to customary closing conditions.

The Series J warrants are immediately exercisable at a price of $0.80 per share of common stock and will expire on the fifth anniversary of the date of issuance.

Canaccord Genuity is acting as sole book-running manager, Roth Capital Partners is acting as lead manager and Chardan Capital Markets is acting as co-manager for the offering.

The shares of common stock and warrants to purchase shares of common stock described above are being offered pursuant to a shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission (SEC). A preliminary prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and is available for free on the SEC's website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering, when available, may also be obtained from Canaccord Genuity Inc., Attention: Equity Syndicate Department, 99 High Street, 12th Floor, Boston, Massachusetts 02110, by telephone at (617) 371-3900, or by email at prospectus@canaccordgenuity.com.



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