Palatin closes $10M registered direct offering; details Vyleesi sale to Cosette with $12M upfront

PALATIN TECHNOLOGIES INC

Registered direct offering closed Feb 1: 1,831,503 shares at $5.46, gross $10M, net proceeds ~$9.2M.
Warrants for 1,831,503 shares at $5.46, exercisable after 6 months for 4 years; placement agent warrants 91,575 at $6.825.
Vyleesi sale to Cosette closed Dec 20: $12M upfront ($9.5M at close, $2.5M in 12 months), up to $159M sales milestones.
Regulatory milestones up to $10.5M from Fosun (China) and Kwangdong (S. Korea) associated with Vyleesi licensing.
Net proceeds for working capital; Vyleesi divestiture refocuses pipeline on melanocortin receptor modulators.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PALATIN TECHNOLOGIES INC entered into Purchase Agreement with investors named on the signature page thereto (effective 2024-01-29).

Action: entry
Agreement: equity purchase
Counterparty: investors named on the signature page thereto
Effective: 2024-01-29

Exact text from the filing

On January 29, 2024, Palatin Technologies, Inc. (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with the investors named on the signature page thereto, to sell in a registered direct offering (the “RD Offering”), an aggregate of 1,831,503 shares of common stock, $0.01 par value per share (the “Shares”), of the Company.

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PALATIN TECHNOLOGIES INC filing history →

Source: SEC EDGAR

accession 0001654954-24-001212

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