August 13, 2009 (FinancialWire) — Palatin Technologies, Inc. (AMEX: PTN) (Current Market Cap: $27.73 Mil.) plans to raise around $3.1 million in gross proceeds from a registered direct offering of 9.5 million units at $0.33 per unit. Rodman & Renshaw (NASDAQ: RODM) acted as the placement agent for the offering.

Each unit will consist of one share of the company’s common stock and a five year warrant to purchase 0.35 of one share of common stock at an exercise price of $0.33 per share of common stock.

Palatin said it will use the net proceeds from the financing primarily for funding research and development, clinical trials, and general corporate purposes.

Cranbury, New Jersey-based Palatin Technologies is a biopharmaceutical company focused on discovering and developing targeted, receptor-specific small molecule and peptide therapeutics.

Palatin’s strategy is to develop products and then form marketing collaborations in order to maximize their commercial potential.

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