Palatin expects $11.5M financing to cure NYSE American delisting notice

Palatin (PTN) expects to close its pricing of a public offering consisting of $11.5M upfront and up to an additional $11.5M upon the cash exercise of the milestone related warrants, on May 8. The company believes the upfront amount of $11.5M in gross proceeds, combined with approximately $2.3M in net proceeds received in April under its at-the-market facility, and its current plans and operations will be sufficient to resolve the delisting determination of NYSE American. The NYSE American had determined that Palatin had not regained compliance with continued listing standards related to stockholders’ equity by the conclusion of its 18-month plan period, which expired on April 10. An appeal hearing is scheduled for later this quarter. While the company cannot guarantee the appeal’s outcome, it is confident that it meets the necessary listing requirements.