PTN Palatin Technologies Inc.

0.51
+0.01  (+2%)
Previous Close 0.5
Open 0.5
52 Week Low 0.375
52 Week High 1.3
Market Cap $117,325,342
Shares 230,049,691
Float 226,985,967
Enterprise Value $47,946,868
Volume 834,119
Av. Daily Volume 1,559,532
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Upcoming Catalysts

Drug Stage Catalyst Date
PL-8177
Ulcerative colitis
Phase 2
Phase 2
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PL9643
Dry eye disease (DED)
Phase 3
Phase 3
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Drug Pipeline

Drug Stage Notes
VYLEESI (Bremelanotide)
Female sexual dysfunction (FSD)
Approved
Approved
FDA approval announced June 21, 2019.
PL-8177
Non-infectious uveitis
Phase 2
Phase 2
Phase 2 trial planned for 2H 2021.
PL-3994
Heart failure
Phase 2a
Phase 2a
Phase 2 dosing commenced November 2020.

Latest News

  1. CRANBURY, N.J., July 22, 2021 /PRNewswire/ -- Palatin Technologies, Inc. ("Palatin") (NYSE:PTN), a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin peptide receptor system, today announced that Carl Spana, PhD, President and CEO of Palatin, presented today at the Conference in Las Vegas, NV.  The presentation is one of several Company Showcases in the general session titled: "Dry Eye: The Need for Innovation."  The topics of the presentation were melanocortins' role in resolving inflammation and presentation from a Phase 2 study with Palatin's compound PL9643 for dry eye disease (DED) and included information about Palatin's research program with…

    CRANBURY, N.J., July 22, 2021 /PRNewswire/ -- Palatin Technologies, Inc. ("Palatin") (NYSE:PTN), a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin peptide receptor system, today announced that Carl Spana, PhD, President and CEO of Palatin, presented today at the Conference in Las Vegas, NV.  The presentation is one of several Company Showcases in the general session titled: "Dry Eye: The Need for Innovation."  The topics of the presentation were melanocortins' role in resolving inflammation and presentation from a Phase 2 study with Palatin's compound PL9643 for dry eye disease (DED) and included information about Palatin's research program with melanocortins in retinal disease. 

    Eyecelerator is a partnership between the American Academy of Ophthalmology (AAO) and the American Society of Cataract and Refractive Surgery (ASCRS). Its mission is to connect entrepreneurs, investors, companies, and physicians to advance ophthalmic innovation through live conferences, virtual programming, and a next-generation networking platform.

    Palatin is on track to initiate a Phase 3 clinical study with PL9643 in patients for the treatment of dry eye disease during the fourth quarter of calendar year 2021, with data readout expected in the second half of calendar year 2022. If the program progresses as planned, an NDA submission is targeted for the second half of calendar year 2023.

    PL9643 is a novel melanocortin agonist, delivered to the eye topically via eyedrops.  Palatin previously announced positive results in its Phase 2 study of PL9643 for the treatment of DED. Statistically significant improvement in multiple signs and symptoms was achieved in the moderate to severe patient population after 2 weeks of dosing and at the 12-week visit. There were no safety signals identified and PL9643 had excellent ocular tolerability.

    American Academy of Ophthalmology

    The Academy is the world's largest association of eye physicians and surgeons. A global community of 32,000 medical doctors, it protects sight and empowers lives by setting the standards for ophthalmic education and advocating for patients and the public. The Academy innovates to advance the profession and to ensure the delivery of the highest-quality eye care. Through its EyeSmart® articles on AAO.org, the Academy provides the public with the most trusted information about eye health. For more information, visit aao.org.

    ASCRS (American Society of Cataract and Refractive Surgery)

    ASCRS is an international educational society with nearly 8,000 ophthalmic surgeons at every career stage. Its mission is to empower anterior segment surgeons to improve the vision, outcomes, and quality of life for their patients through innovative approaches to education, advocacy, and philanthropy. For more information, visit ascrs.org.

    About Melanocortins and Inflammation

    The melanocortin receptor ("MCr") system has effects on food intake, metabolism, sexual function, inflammation, and immune system responses. There are five melanocortin receptors, MC1r through MC5r. Modulation of these receptors, through use of receptor-specific agonists, which activate receptor function, or receptor-specific antagonists, which block receptor function, can have significant pharmacological effects. 

    Many tissues and immune cells located in the eye express melanocortin receptors, empowering our opportunity to directly activate natural pathways to resolve disease inflammation.

    About Dry Eye Disease (DED)

    Dry eye disease is a common inflammatory disease that, left untreated, can become extremely painful and lead to permanent damage to the cornea and vision. Dry eye disease affects the cornea and conjunctiva of the eye resulting in irritation, redness, pain, and blurred vision. It is estimated to affect over 20 million people in the United States. The disease is characterized by insufficient moisture and lubrication in the anterior surface of the eye, leading to dryness, inflammation, pain, discomfort, irritation, diminished quality of life, and in severe cases, permanent vision impairment. Existing therapy for dry eye disease is generally regarded as inadequate by many physicians and patients, and often requires weeks or months to demonstrate activity.

    About Palatin

    Palatin is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems, with targeted, receptor-specific product candidates for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders to maximize their commercial potential. For additional information regarding Palatin, please visit Palatin's website at www.palatin.com.

    Forward-looking Statements

    Statements in this press release that are not historical facts, including statements about future expectations of Palatin, such as statements about clinical trial plans and potential results for PL9643, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. Palatin intends that such forward-looking statements be subject to the safe harbors created thereby. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Palatin's actual results to be materially different from its historical results or from any results expressed or implied by such forward-looking statements. Palatin's actual results may differ materially from those discussed in the forward-looking statements for reasons including, but not limited to, results of clinical trials, regulatory actions by the FDA and other regulatory and the need for regulatory approvals, Palatin's ability to fund development of its technology and establish and successfully complete clinical trials, the length of time and cost  required to complete clinical trials and submit applications for regulatory approvals, products developed by competing pharmaceutical, biopharmaceutical and biotechnology companies, commercial acceptance of Palatin's products, and other factors discussed in Palatin's periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating for events that occur after the date of this press release.

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/palatin-announces-presentation-at-the-eyeceleratorascrs-conference-301339918.html

    SOURCE Palatin Technologies, Inc.

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  2. CRANBURY, N.J., July 8, 2021 /PRNewswire/ -- Palatin Technologies, Inc. ("Palatin") (NYSE:PTN) announced that its 2021 Annual Meeting of Stockholders that convened on June 8, 2021 and was adjourned to July 8, 2021, has been adjourned until August 6, 2021 at 9:00 a.m. Eastern Daylight Time to allow Palatin to solicit additional proxies for Proposal 3, approval of an amendment to our Certificate of Incorporation to effect an increase in authorized common stock from 300,000,000 shares to 400,000,000 shares.

    "We have seen significant stockholder support for Proposal 3, with 96.3 million or approximately 71% of shares voted in favor, and 39.8 million or approximately 29% voting not to approve," stated Stephen T. Wills, Palatin's chief financial officer and chief operating officer. "However, the favorable votes were less than the absolute majority of all outstanding shares, which is required for approval of this proposal.  With greater than a 2.4 ratio of yes votes to no votes, we are listening to our shareholders by adjourning this meeting to allow additional time for shareholders to vote."

    The Board of Directors believes approval of Proposal 3 is in the best interests of Palatin and its stockholders. Both leading independent shareholders voting advisory groups (ISS and Glass Lewis) have recommended that shareholders vote FOR Proposal 3. Palatin does not have any current plans to offer any additional stock in the foreseeable future, even if the proposal passes. The Company needs to have access to capital to ensure it has sufficient funds to advance its development programs and execute on its business plan and take advantage of any strategic opportunities that may arise, all of which that could result in an increase to shareholder value. Proposal 3 is described in more detail in Palatin's proxy statement dated April 26, 2021, furnished to stockholders in connection with the 2021 Annual Meeting.

    The adjourned meeting will be a completely "virtual" meeting of stockholders, and stockholders will be able to listen and participate in the virtual annual meeting as well as vote and submit your questions during the live webcast of the meeting by visiting http://www.virtualshareholdermeeting.com/PTN2021 and entering the 16–digit control number included in your Notice Regarding the Availability of Proxy Materials, on your proxy card or in the instructions that accompanied your proxy materials.

    Palatin encourages any stockholder that has not yet voted its shares on Proposal 3 or is uncertain if their shares have been voted on Proposal 3 to contact their broker or bank. The Board of Directors and management requests stockholders as of the record date, April 13, 2021, to please vote their proxies as soon as possible, but no later than August 5, 2021, at 11:59 p.m. (Eastern Daylight Time). Stockholders who have previously submitted their proxy or otherwise voted for the annual meeting and who do not want to change their vote need not take any action. For questions relating to the voting of shares or to request additional or misplaced proxy voting materials, please contact Palatin's proxy advisory group at .

    As described in the proxy statement, a stockholder may use one of the following simple methods to vote before the August 6, 2021, adjourned meeting with respect to Proposal 3:

    • By Internet – www.proxyvote.com. If you have Internet access, you may transmit your voting instructions up until 11:59 p.m., Eastern Daylight Time, the day before the adjourned meeting date, that is, August 5, 2021. Go to www.proxyvote.com. You must have your proxy card or Notice in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form.
    • By telephone – 1-800-690-6903. You may vote using any touch-tone telephone to transmit your voting instructions up until 11:59 p.m., Eastern Daylight Time, the day before the meeting date, that is, August 5, 2021. Call 1-800-690-6903 toll free. You must have your proxy card or Notice in hand when you call this number and then follow the instructions.
    • By mail – Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided.

    Votes must be received by 11:59 P.M. Eastern Daylight Time on August 5, 2021, to be counted. After this time, the only way to cast a vote is at the adjourned Annual Meeting on August 6, 2021, 9:00 a.m. Eastern Daylight Time at http://www.virtualshareholdermeeting.com/PTN2021.

    About Palatin

    Palatin is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems, with targeted, receptor-specific product candidates for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders to maximize their commercial potential. For additional information regarding Palatin, please visit Palatin's website at www.palatin.com.

    Forward-looking Statements

    Statements in this press release that are not historical facts, including statements about future expectations of Palatin, such as statements about the need to for stockholders to approve Proposal 3, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. Palatin intends that such forward-looking statements be subject to the safe harbors created thereby. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Palatin's actual results to be materially different from its historical results or from any results expressed or implied by such forward-looking statements. Palatin's actual results may differ materially from those discussed in the forward-looking statements for reasons including, but not limited to, sales of Vyleesi in the United States and elsewhere in the world, results of clinical trials, regulatory actions by the FDA and other regulatory and the need for regulatory approvals, Palatin's ability to fund development of its technology and establish and successfully complete clinical trials, the length of time and cost  required to complete clinical trials and submit applications for regulatory approvals, products developed by competing pharmaceutical, biopharmaceutical and biotechnology companies, commercial acceptance of Palatin's products, and other factors discussed in Palatin's periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating for events that occur after the date of this press release.

    Important Information

    In connection with the solicitation of proxies, on April 26, 2021, Palatin filed a definitive proxy statement with the Securities and Exchange Commission ("SEC") in connection with Palatin's 2021 Annual Meeting. STOCKHOLDERS ARE STRONGLY ADVISED TO READ THE DEFINITIVE PROXY MATERIALS AND ANY OTHER RELEVANT SOLICITATION MATERIALS FILED BY PALATIN TECHNOLOGIES, INC. WITH THE SEC BEFORE MAKING ANY VOTING OR INVESTMENT DECISION BECAUSE THESE DOCUMENTS CONTAIN IMPORTANT INFORMATION. Palatin's proxy statement and any other materials filed by Palatin with the SEC can be obtained free of charge at the SEC's web site at www.sec.gov. Palatin's proxy statement, notice of annual meeting, and annual report to shareholders are available free of charge on Palatin's website at www.palatin.com. The contents of the websites referenced above are not deemed to be incorporated by reference into the proxy statement.

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/palatin-announces-adjournment-of-annual-meeting-of-stockholders-301328323.html

    SOURCE Palatin Technologies, Inc.

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  3. CRANBURY, N.J., June 29, 2021 /PRNewswire/ -- Palatin Technologies, Inc. ("Palatin") (NYSE:PTN) a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin peptide receptor system, today announced the completion of an End-of-Phase 2 (EOP2) meeting with the U.S. Food and Drug Administration (FDA) for PL9643 for the treatment of dry eye disease (DED).

    The EOP2 meeting scope included all aspects of PL9643's development plan, with the FDA and Palatin reaching agreement on all key elements of a pivotal Phase 3 clinical program, including study design, endpoints, interim assessment, and patient population. In addition, a potential second Phase 3 study and long-term safety study were discussed to support a New Drug Application (NDA).  Palatin remains on track to initiate the Phase 3 program in DED patients during the fourth quarter of calendar year 2021, with data readout expected in the second half of calendar year 2022. If the program progresses as planned, an NDA submission is targeted for the second half of calendar year 2023.

    "As a practicing ophthalmologist, I am encouraged by the data to date on the PL9643 program, which offers much needed optimism for an effective treatment of dry eye without tolerability issues," said Michael Raizman, M.D., Chief Medical Officer of Palatin. "I look forward to further demonstrations of PL9643's potential to transform the topical treatment of DED for the millions of people suffering from the disease."

    "We now have clarity on the registrational path required to demonstrate the safety and efficacy of PL9643, having reached agreement with FDA on all key elements of PL9643's pivotal phase 3 program for DED," said Carl Spana, Ph.D., President and Chief Executive Officer of Palatin. "This is an important corporate milestone, as we now have a second melanocortin agonist in phase 3 development, which we believe validates our strategy which focuses our efforts on the development of melanocortin based therapeutics for inflammatory and autoimmune conditions." 

    PL9643 is a novel melanocortin agonist, delivered to the eye topically via eyedrops.  Palatin previously announced positive results in its Phase 2 study of PL9643 for the treatment of DED. Statistically significant improvement in multiple signs and symptoms was achieved in the moderate to severe patient population after 2 weeks of dosing and at the 12-week visit. There were no safety signals identified and PL9643 had excellent ocular tolerability.

    About Melanocortins and Inflammation

    The melanocortin receptor ("MCr") system has effects on food intake, metabolism, sexual function, inflammation, and immune system responses. There are five melanocortin receptors, MC1r through MC5r. Modulation of these receptors, through use of receptor-specific agonists, which activate receptor function, or receptor-specific antagonists, which block receptor function, can have significant pharmacological effects. 

    Many tissues and immune cells located in the eye express melanocortin receptors, empowering our opportunity to directly activate natural pathways to resolve disease inflammation.

    About Dry Eye Disease (DED)

    Dry eye disease is a common inflammatory disease that, left untreated, can become extremely painful and lead to permanent damage to the cornea and vision. Dry eye disease affects the cornea and conjunctiva of the eye resulting in irritation, redness, pain, and blurred vision. It is estimated to affect over 20 million people in the United States. The disease is characterized by insufficient moisture and lubrication in the anterior surface of the eye, leading to dryness, inflammation, pain, discomfort, irritation, diminished quality of life, and in severe cases, permanent vision impairment. Existing therapy for dry eye disease is generally regarded as inadequate by many physicians and patients, and often requires weeks or months to demonstrate activity.

    About Palatin

    Palatin is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems, with targeted, receptor-specific product candidates for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders to maximize their commercial potential. For additional information regarding Palatin, please visit Palatin's website at www.palatin.com.

    Forward-looking Statements

    Statements in this press release that are not historical facts, including statements about future expectations of Palatin, such as statements about clinical trial plans and potential results for PL9643, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. Palatin intends that such forward-looking statements be subject to the safe harbors created thereby. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Palatin's actual results to be materially different from its historical results or from any results expressed or implied by such forward-looking statements. Palatin's actual results may differ materially from those discussed in the forward-looking statements for reasons including, but not limited to, results of clinical trials, regulatory actions by the FDA and other regulatory and the need for regulatory approvals, Palatin's ability to fund development of its technology and establish and successfully complete clinical trials, the length of time and cost required to complete clinical trials and submit applications for regulatory approvals, products developed by competing pharmaceutical, biopharmaceutical and biotechnology companies, commercial acceptance of Palatin's products, and other factors discussed in Palatin's periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating for events that occur after the date of this press release.

     

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    SOURCE Palatin Technologies, Inc.

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  4. CRANBURY, N.J., June 28, 2021 /PRNewswire/ -- Palatin Technologies, Inc. ("Palatin") (NYSE:PTN) a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin peptide receptor system, today announced the strengthening of its senior leadership team with three key executive management appointments: Michael B. Raizman, M.D. as Chief Medical Officer; James E. Hattersley as Senior Vice President of Business Development; and, J. Don Wang, Ph.D. as Vice President of Product Development.

    "We are proud that we continue to attract the best and brightest minds who share our passion and approach to bringing impactful treatments to patients," said Carl Spana, Ph.D., President and Chief Executive Officer of Palatin. "We are at a critical stage in the advancement of our inflammatory and autoimmune programs, and we believe Dr. Raizman, Mr. Hattersley, and Dr. Wang will significantly aid the Company in responding to the evolving challenges in the market with agility, expertise and determination."

    Michael B. Raizman, M.D., Palatin's newly appointed Chief Medical Officer will report directly to Dr. Spana. Dr. Raizman will provide leadership and direction across the entire product pipeline, including clinical validation, medical and regulatory affairs, and overall clinical, medical, and regulatory activities. In addition to joining Palatin, Dr. Raizman is a physician with Ophthalmic Consultants of Boston and a Diplomate of the American Board of Ophthalmology, with a specialized knowledge and expertise in the field of ophthalmology, including development and clinical evaluation of candidate pharmaceutical products for ocular diseases. Dr. Raizman received his medical training at Harvard Medical School and the University of Michigan. He completed two fellowships at the Massachusetts Eye & Ear Infirmary, followed by three years of research at Harvard Medical School, funded by a grant from the National Institutes of Health. Dr. Raizman served on the full-time faculty at Harvard Medical School from 1988-1991. He is a Fellow of the American Academy of Ophthalmology and is board certified by the American Board of Ophthalmology. He has served as an examiner for doctors seeking certification by the American Board of Ophthalmology. Dr. Raizman is an Associate Professor of Ophthalmology at Tufts University School of Medicine, where he has directed the Corneal Fellowship Program since 1992. He is on the medical staff of the Massachusetts General Hospital, Massachusetts Eye and Ear, and Tufts Medical Center.

    James E. Hattersley, Palatin's newly appointed Senior Vice President, Business Development, has more than 25 years of experience in product acquisitions, corporate alliances and business and corporate development. Mr. Hattersley will be responsible for all business development strategies for Palatin's programs. Prior to joining Palatin, Mr. Hattersley was Senior Vice President for Mission Pharmacal Company where he was a member of the executive leadership team responsible for reshaping the company. During his tenure in industry, Mr. Hattersley identified and executed term sheets for divesting business unit and pharma product assets; sourced commercial distribution; co-promoted opportunities for ophthalmic product additions to sales; and, established alliance management and increased focus on diligence processes for new product opportunities. Mr. Hattersley received his M.S. in Biochemistry and B.A. in Neurobiology from the University of California, Santa Cruz.  He is a member of the Board of Directors for Temple Therapeutics BV.

    J. Don Wang, Ph.D., Palatin's newly appointed Vice President of Product Development, has more than 25 years of experience in the chemical and pharmaceutical industry conducting research in materials, formulations, packaging, and manufacturing. Dr. Wang will be responsible for leading all CMC activities including analytical and drug substance. Prior to joining Palatin, Dr. Wang was Head of R&D for American Regent Inc. where he led the corporate R&D department for injectable product research and development serving all three internal manufacturing sites throughout the company.  Dr. Wang oversaw teams for formulation, analytical and process development and directed external R&D collaborations and projects as well. Dr. Wang received his Ph.D. in Inorganic Chemistry from Northwestern University, his M.S. in Chemistry from California State University-Northridge and his B.S. in Chemistry from Shaanxi Normal University, Xi'an, China.

    About Palatin

    Palatin is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems, with targeted, receptor-specific product candidates for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders to maximize their commercial potential. For additional information regarding Palatin, please visit Palatin's website at www.palatin.com.

    Forward-looking Statements

    Statements in this press release that are not historical facts, including statements about future expectations of Palatin, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. Palatin intends that such forward-looking statements be subject to the safe harbors created thereby. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Palatin's actual results to be materially different from its historical results or from any results expressed or implied by such forward-looking statements. Palatin's actual results may differ materially from those discussed in the forward-looking statements for reasons including, but not limited to, sales of Vyleesi in the United States and elsewhere in the world, results of clinical trials, regulatory actions by the FDA and other regulatory and the need for regulatory approvals, Palatin's ability to fund development of its technology and establish and successfully complete clinical trials, the length of time and cost  required to complete clinical trials and submit applications for regulatory approvals, products developed by competing pharmaceutical, biopharmaceutical and biotechnology companies, commercial acceptance of Palatin's products, and other factors discussed in Palatin's periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating for events that occur after the date of this press release.

    Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/palatin-announces-new-additions-to-its-senior-leadership-team-301320529.html

    SOURCE Palatin Technologies, Inc.

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  5. CRANBURY, N.J., June 10, 2021 /PRNewswire/ -- Palatin Technologies, Inc. ("Palatin") (NYSE:PTN) announced that its 2021 Annual Meeting of Stockholders that convened on June 8, 2021, has been adjourned until July 8, 2021 at 9:00 a.m. Eastern Daylight Time to solicit additional proxies for Proposal 3, approval of an amendment to our Certificate of Incorporation to effect an increase in authorized common stock from 300,000,000 shares to 400,000,000 shares. The adjourned meeting will be a completely "virtual" meeting of stockholders, and stockholders will be able to listen and participate in the virtual annual meeting as well as vote and submit your questions during the live webcast of the meeting by visiting http://www.virtualshareholdermeeting.com/PTN2021

    CRANBURY, N.J., June 10, 2021 /PRNewswire/ -- Palatin Technologies, Inc. ("Palatin") (NYSE:PTN) announced that its 2021 Annual Meeting of Stockholders that convened on June 8, 2021, has been adjourned until July 8, 2021 at 9:00 a.m. Eastern Daylight Time to solicit additional proxies for Proposal 3, approval of an amendment to our Certificate of Incorporation to effect an increase in authorized common stock from 300,000,000 shares to 400,000,000 shares. The adjourned meeting will be a completely "virtual" meeting of stockholders, and stockholders will be able to listen and participate in the virtual annual meeting as well as vote and submit your questions during the live webcast of the meeting by visiting http://www.virtualshareholdermeeting.com/PTN2021 and entering the 16–digit control number included in your Notice Regarding the Availability of Proxy Materials, on your proxy card or in the instructions that accompanied your proxy materials.

    The Board of Directors believes approval of Proposal 3 is in the best interests of Palatin and its stockholders because even though Palatin does not have any current plans to offer any additional stock in the foreseeable future, an increase provides future flexibility and the necessary resources Palatin requires to take advantage of any strategic opportunities that could result in an increase in stockholder value. Proposal 3 is described in more detail in Palatin's proxy statement dated April 26, 2021, furnished to stockholders in connection with the 2021 Annual Meeting. The leading independent proxy voting advisory groups (Institutional Shareholder Services and Glass Lewis) have recommended that stockholders vote FOR Proposal 3.

    We have seen significant stockholder support for Proposal 3. At the time of the meeting, approximately 69% of the shares that had been voted on Proposal 3 were voted in its favor. However, the favorable votes were less than the absolute majority of all outstanding shares, which is required for approval of this proposal. Proposals 1, 2, and 4 were approved at the Annual Meeting.

    Palatin encourages any stockholder that has not yet voted its shares on Proposal 3 or is uncertain if their shares have been voted on Proposal 3 to contact their broker or bank. The Board of Directors and management requests stockholders as of the record date, April 13, 2021, to please vote their proxies as soon as possible, but no later than July 7, 2021 at 11:59 p.m. (Eastern Daylight Time). Stockholders who have previously submitted their proxy or otherwise voted for the annual meeting and who do not want to change their vote need not take any action. For questions relating to the voting of shares or to request additional or misplaced proxy voting materials, please contact Palatin's proxy advisory group at .

    As described in the proxy statement, a stockholder may use one of the following simple methods to vote before the July 8, 2021 adjourned meeting with respect to Proposal 3:

    • By Internet – www.proxyvote.com. If you have Internet access, you may transmit your voting instructions up until 11:59 p.m., Eastern Daylight Time, the day before the adjourned meeting date, that is, July 7, 2021. Go to www.proxyvote.com. You must have your proxy card or Notice in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form.
    • By telephone – 1-800-690-6903. You may vote using any touch-tone telephone to transmit your voting instructions up until 11:59 p.m., Eastern Daylight Time, the day before the meeting date, that is, July 7, 2021. Call 1-800-690-6903 toll free. You must have your proxy card or Notice in hand when you call this number and then follow the instructions.
    • By mail – Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided.

    Votes must be received by 11:59 P.M. Eastern Daylight Time on July 7, 2021 to be counted. After this time, the only way to cast a vote is at the adjourned Annual Meeting on July 8, 2021, 9:00 a.m. Eastern Daylight Time at http://www.virtualshareholdermeeting.com/PTN2021.

    About Palatin

    Palatin is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems, with targeted, receptor-specific product candidates for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders to maximize their commercial potential. For additional information regarding Palatin, please visit Palatin's website at www.palatin.com.

    Forward-looking Statements

    Statements in this press release that are not historical facts, including statements about future expectations of Palatin, such as statements about the need to for stockholders to approve Proposal 3, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. Palatin intends that such forward-looking statements be subject to the safe harbors created thereby. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Palatin's actual results to be materially different from its historical results or from any results expressed or implied by such forward-looking statements. Palatin's actual results may differ materially from those discussed in the forward-looking statements for reasons including, but not limited to, sales of Vyleesi in the United States and elsewhere in the world, results of clinical trials, regulatory actions by the FDA and other regulatory and the need for regulatory approvals, Palatin's ability to fund development of its technology and establish and successfully complete clinical trials, the length of time and cost  required to complete clinical trials and submit applications for regulatory approvals, products developed by competing pharmaceutical, biopharmaceutical and biotechnology companies, commercial acceptance of Palatin's products, and other factors discussed in Palatin's periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating for events that occur after the date of this press release.

    Important Information

    In connection with the solicitation of proxies, on April 26, 2021, Palatin filed a definitive proxy statement with the Securities and Exchange Commission ("SEC") in connection with Palatin's 2021 Annual Meeting. STOCKHOLDERS ARE STRONGLY ADVISED TO READ THE DEFINITIVE PROXY MATERIALS AND ANY OTHER RELEVANT SOLICITATION MATERIALS FILED BY PALATIN TECHNOLOGIES, INC. WITH THE SEC BEFORE MAKING ANY VOTING OR INVESTMENT DECISION BECAUSE THESE DOCUMENTS CONTAIN IMPORTANT INFORMATION. Palatin's proxy statement and any other materials filed by Palatin with the SEC can be obtained free of charge at the SEC's web site at www.sec.gov. Palatin's proxy statement, notice of annual meeting, and annual report to shareholders are available free of charge on Palatin's website at www.palatin.com. The contents of the websites referenced above are not deemed to be incorporated by reference into the proxy statement.

     

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    SOURCE Palatin Technologies, Inc.

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