Comeback Continues with Palatin's $21.1M Offering

Palatin Technologies Inc. continued its comeback efforts by pricing an underwritten public offering of 23 million units of stock and warrants at $1 per unit, about 4 percent less than Wednesday's closing price. The offering is expected to net about $21.1 million – enough to get the company through the end of 2012 – with proceeds intended for a Phase II trial of bremelanotide for female sexual dysfunction, development of PL-3994 for asthma and development of new peptides for sexual dysfunction.