February 26, 2010 (FinancialWire) — Palatin Technologies, Inc. (AMEX: PTN) said it has entered into definitive agreements with certain accredited investors to sell in a registered direct offering 9.6 million units at a price of $0.27 per unit for gross proceeds of $2.6 million.

Each unit will consist of one share of common stock, a series A warrant exercisable 181 days after issuance and expiring three years thereafter to purchase 0.33 of one share of common stock at an exercise price of $0.30 per share of common stock, and a series B warrant exercisable upon issuance and expiring 180 days after issuance to purchase 0.33 of one share of common stock at an exercise price of $0.27 per share of common stock.

Palatin said it will use the net proceeds from the financing to support clinical studies with bremelanotide for treatment of erectile dysfunction, and for funding research and development and general corporate purposes.

New Jersey-based Palatin is developing subcutaneous bremelanotide as a therapeutic for treatment of male and female sexual dysfunction.

Palatin Technologies is a biopharmaceutical company focused on the development of peptide, peptide mimetic and small molecule agonists with a focus on melanocortin and natriuretic peptide receptor systems.

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