Palatin Technologies Prices Offering Of $10 Mln Of Shares; Stock Down Over 4% In Pre-Market

(RTTNews) - Palatin Technologies, Inc. (PTN), a biopharmaceutical company, said on Tuesday that it has inked a deal with institutional investors for the issuance and sale of its 1,831,503 shares at $5.46 per share. The company has also agreed to issue in a private placement warrants to purchase up to 1,831,503 shares at $5.46 per share.

The gross proceeds from the offering, to be closed on or about February 1, are expected to be at around $10 million.

Palatin intends to use the net proceeds of the offering for general corporate purposes.

H.C. Wainwright & Co. is serving as exclusive placement agent for the offering.

PTN was trading down by 4.76 percent at $5.20 per share in the pre-market trade on the New York Stock Exchange.