CRANBURY, N.J., Nov. 14, 2012 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE MKT: PTN), a biopharmaceutical company developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential, today announced results for its first quarter ended September 30, 2012.
On July 3, 2012, Palatin closed on a private placement of 3,873,000 shares of its common stock, Series A 2012 warrants to purchase up to 31,988,151 shares of its common stock, and Series B 2012 warrants to purchase up to 35,488,380 shares of its common stock. Aggregate gross proceeds to Palatin were $35,000,000, with net proceeds, after deducting offering expenses, of $34,407,446.
On September 27, 2012, at a special meeting Palatin stockholders voted to increase its authorized common stock from 100,000,000 to 200,000,000 shares, and Palatin filed a certificate of amendment with the Secretary of State of Delaware the same day. This satisfied certain contractual obligations relating to the Series B 2012 warrants in its 2012 private placement, so that interest will not be payable on the value of the Series B 2012 warrants and Palatin will not be required to redeem the Series B 2012 warrants for failure to increase the number of authorized shares.
On November 8, 2012, Palatin reported positive top-line results, including the successful achievement of statistical significance for the primary endpoint and key secondary endpoints in its Phase 2B clinical trial evaluating the efficacy and safety of bremelanotide for treatment of female sexual dysfunction (FSD). The primary endpoint data analysis of 327 pre-menopausal women with female sexual arousal disorder (FSAD), hypoactive sexual desire disorder (HSDD), or a combination of both disorders, the most common types of FSD, demonstrate that women taking bremelanotide showed clinically meaningful and statistically significant increases
|SOURCE Palatin Technologies, Inc.|
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