June 29, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Palatin Technologies, Inc. (AMEX: PTN) said that it has entered into definitive agreements with certain accredited investors to sell in a registered direct offering 10 million units at a price of $0.20 per unit for gross proceeds of $2 million. Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), served as the company's exclusive placement agent for the offering.

Each unit will consist of one share of common stock and a warrant exercisable upon issuance and expiring one year after issuance to purchase 0.14 of one share of common stock at an exercise price of $0.20 per share of common stock.

The closing of the offering is scheduled to occur on or about June 30.

Palatin said it would use the net proceeds to support clinical studies with PL-3994, and for funding research and development and general corporate purposes.  Palatin is developing PL-3994, a peptide mimetic natriuretic peptide receptor A agonist, as a therapeutic for treatment of heart failure, refractory or difficult-to-control hypertension and acute severe asthma.

New Jersey-based 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.

Palatin's internally developed drug pipeline utilizes proprietary approaches to discover potent rigid conformers from flexible peptide starting points. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential.  

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