Palatin Technologies, Inc., a leading biopharmaceutical company, announced on Tuesday that it has entered into an agreement with institutional investors for the issuance and sale of its 1,831,503 shares, each valued at $5.46. Alongside this sale, the company has additionally consented to a private placement issue of warrants, allowing for the purchase of up to 1,831,503 shares at the same value of $5.46 per share.
The offering, set to close around February 1, is projected to generate gross profits near $10 million. The company plans to allocate the net proceeds from this offering towards general corporate use.
H.C. Wainwright & Co. has been enlisted as the exclusive placement agent for this offering.
It is notable that prior to the opening of the market on the New York Stock Exchange, Palatin Technologies reported a decline of 4.76% in their shares, trading at $5.20 per share.
