Palatin Technologies, Inc. announced that it has entered into a definitive agreement with an institutional investor for the issuance and sale of an aggregate of 2,358,491 shares of its common stock at an issue price of $2.12 per share for the gross proceeds of $5,000,000.92 on October 23, 2023. The warrants will be issued upon receiving stockholder approval, or earlier if such approval is not necessary, will become exercisable on the six months anniversary of the closing date and will expire on the date that is five and a half years after the closing date. The closing of the offering is expected to occur on or about October 24, 2023, subject to the satisfaction of customary closing conditions.

The warrants described above will be issued in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the ?Securities Act?), and Regulation D promulgated thereunder and, along with the shares of common stock underlying such warrants, will not be registered under the Securities Act, or applicable state securities laws.