Palatin Technologies (PTN) Prices 76.67M Share Offering at $0.15/sh

Palatin Technologies, Inc. (NYSE American: PTN) ("Palatin" or the "Company"), a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor system, today announced the pricing of its public offering with participation from new and existing healthcare focused institutional investors along with the Company's Chief Executive Officer, Chief Financial Officer, and certain board members, including the Chair consisting of 76,666,667 shares of common stock (or common stock equivalents in lieu thereof) together with Series F warrants to purchase up to 76,666,667 shares of common stock (the "Series F Warrants"), Series G warrants to purchase up to 76,666,667 shares of common stock (the "Series G Warrants"), and Series H warrants to purchase up to 76,666,667 shares of common stock (the "Series H Warrants"), at a combined public offering price of $0.15 per share of common stock and accompanying warrants (the "Offering").

The Series F Warrants will have an exercise price of $0.30 per share, will be immediately exercisable and will expire on the five-year anniversary of the original issuance date, subject to the certain terms as defined in such warrant. The Series G Warrants will have an exercise price of $0.15 per share, will be immediately exercisable and will expire on the earlier of (i) the 24-month anniversary of the original issuance date or (ii) the expiration of the FDA Exercise Period (as such term is defined in the Series G Warrant). The Series H Warrants will be issuable to the holder upon their exercise of the Series G Warrants, will have an exercise price of $0.225 per share, will be immediately exercisable upon issuance and will expire on the 24-month anniversary of its issuance date.

The closing of the Offering is expected to occur on or about May 8, 2025, subject to the satisfaction of customary closing conditions. The gross proceeds from the Offering are expected to be approximately $11.5 million. The Company may receive additional proceeds of up to $11.5 million upon the cash exercise of the milestone related Series G Warrants, however, there is no guarantee such warrants will be exercised and accordingly that the Company will receive any proceeds from the exercise thereof. The Company intends to use the net proceeds from the Offering primarily for working capital and general corporate purposes, including for development work on its obesity program.

A.G.P./Alliance Global Partners is acting as lead placement agent for the Offering and Laidlaw & Company (UK) Ltd. is acting as co-placement agent for the Offering.

A registration statement on Form S-1, as amended (File No. 333-286280), relating to the Offering was declared effective by the Securities and Exchange Commission (the "SEC") on May 6, 2025. The Offering is being made only by means of a prospectus forming part of the effective registration statement relating to the Offering. A preliminary prospectus relating to the Offering has been filed with the SEC. Electronic copies of the final prospectus, when available, may be obtained on the SEC's website at http://www.sec.gov and may also be obtained, when available, by contacting A.G.P./Alliance Global Partners at 590 Madison Avenue, 28th Floor, New York, NY 10022, by phone at (212) 624-2060 or e-mail at [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

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