CRANBURY, N.J., Dec. 7, 2016 /PRNewswire/ -- Palatin Technologies, Inc. ("Palatin") (NYSE MKT: PTN) announced that it has closed on a previously disclosed underwritten public offering of units with gross proceeds of $16,500,000. Canaccord Genuity acted as sole book-running manager, Roth Capital Partners acted as lead manager and Chardan Capital Markets acted as co-manager for the offering.
"This financing provides us with approximately $15.4 million in net proceeds, allowing us to continue advancing bremelanotide for hypoactive sexual desire disorder," said Stephen T. Wills, Executive Vice President and Chief Financial Officer of Palatin Technologies. "We look forward to submitting a new drug application on bremelanotide in the second half of next year."
In the offering Palatin issued 25,384,616 shares of its common stock and five year Series J warrants to purchase 12,692,310 shares of its common stock at an exercise price of $0.80 per share.
About Bremelanotide for Hypoactive Sexual Desire Disorder
Palatin is developing bremelanotide as a subcutaneous, on-demand, as needed treatment for premenopausal women diagnosed with hypoactive sexual desire disorder (HSDD). Bremelanotide, which is a melanocortin 4 receptor agonist drug candidate, is a synthetic peptide analog of the naturally occurring hormone alpha-MSH (melanocyte-stimulating hormone). In clinical studies bremelanotide is self-administered on an as-needed (not chronic) basis in anticipation of sexual activity.
About Female Sexual Dysfunction and HSDD
Female sexual dysfunction (FSD) covers multi-factorial conditions that have anatomical, physiological, medical, psychological and social components. Palatin intends to seek approval of bremelanotide for HSDD, which is the largest category of FSD.
HSDD is a medical condition marked by low desire for sexual activity and a lack of sexual thoughts or fantasies, which causes a woman personal distress or puts a strain on the relationship with her partner, and cannot be accounted for by another medical, physical or psychiatric condition, or as a result of other medication. It is estimated that as many as one in 10 premenopausal women may have the signs of HSDD at some point in their life, and as such a treatment for HSDD represents a major opportunity to address a significant medical need.
About Palatin Technologies
Palatin Technologies, Inc. is a biopharmaceutical company developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. 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's website at http://www.palatin.com.
Statements in this press release that are not historical facts, including statements about future expectations of Palatin Technologies, Inc., such as statements about the anticipated public offering and other statements containing the words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions, 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. Palatin intends that such forward-looking statements be subject to the safe harbors created thereby. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Palatin's actual results to be materially different from its historical results or from any results expressed or implied by such forward-looking statements. Palatin's actual results may differ materially from those discussed in the forward-looking statements for reasons including, but not limited to, the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in Palatin's periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating for events that occur after the date of this press release.
SOURCE Palatin Technologies, Inc.