Palatin Technologies, Inc. - PTN STOCK NEWS

Palatin Technologies (NYSE American: PTN) has secured approximately $3.4 million in gross proceeds through a warrant exercise agreement with an institutional investor. The agreement involves the exercise of warrants from June 2024 and October 2023, totaling 3,907,679 shares at an amended exercise price of $0.875 per share.

As part of the inducement agreement, Palatin will issue new unregistered Series C warrants for 3,907,679 shares and Series D warrants for 1,953,839 shares, both with an exercise price of $0.875. Series C warrants are immediately exercisable with a 5-year expiration, while Series D warrants require stockholder approval. The transaction is expected to close around December 17, 2024, with proceeds intended for working capital and general corporate purposes.

Palatin Technologies (NYSE American: PTN) has completed patient enrollment in its Phase 2 study of PL8177, an oral melanocortin-1 receptor agonist, for ulcerative colitis treatment. The study involves 13 subjects and evaluates safety, efficacy, and other parameters of the drug. Topline data is expected in Q1 2025. PL8177, delivered as a once-daily pill, targets inflammation without immunosuppression, potentially offering a safer alternative to current treatments. The company aims to out-license the UC program, noting significant interest from multiple parties. Preclinical data showed PL8177's effectiveness in improving colon health and resolving inflammation.

Palatin Technologies (NYSE: PTN) reported Q1 FY2025 financial results and provided updates on its obesity programs. The company completed patient enrollment in October 2024 for its Phase 2 BMT-801 clinical study, combining MC4R agonist bremelanotide with GLP-1/GIP dual agonist tirzepatide, with topline results expected in Q1 2025. Net loss for Q1 was $7.8 million ($0.39 per share), compared to $5.2 million ($0.43 per share) in Q1 FY2024. Cash position as of September 30, 2024, was $2.4 million. The company has engaged an investment bank to explore strategic options for non-obesity programs, including its Phase 3 DED program and Phase 2 UC program.

Palatin Technologies (NYSE American: PTN) has announced it will release its first quarter fiscal year 2025 financial results on November 14, 2024, before U.S. markets open. The company will host a conference call and webcast at 11:00 a.m. ET the same day, featuring executive management's review of operating results and development program updates. The earnings release is scheduled for 7:30 a.m. ET, with a conference call replay available until November 28, 2024. Palatin is a biopharmaceutical company focused on developing first-in-class medicines based on melanocortin receptor systems.

Palatin Technologies (NYSE American: PTN) presented preclinical data for PL7737, their oral melanocortin 4 receptor (MC4R) selective agonist for obesity treatment. Studies showed that PL7737 significantly reduced food intake and body weight in diet-induced obese mice, validating its MC4R-mediated effects. The compound demonstrated promising oral bioavailability and lacked erectogenic activity, making it potentially suitable for obesity treatment.

The company plans multiple clinical trials in 2025 for its obesity programs, including novel long-acting MC4R peptide and small molecule compounds. Additionally, Palatin is conducting a Phase 2 trial combining bremelanotide with tirzepatide, with topline results expected in Q1 2025.

Palatin Technologies (NYSE American: PTN) has completed enrollment in its Phase 2 clinical study evaluating bremelanotide co-administered with tirzepatide for obesity treatment. The study enrolled approximately 120 patients, double the target, across four US sites. Topline results are expected by March 2025.

The study aims to demonstrate that combining an MC4R agonist with GLP-1/GIP may produce synergistic effects on weight loss at lower, better-tolerated doses. This research addresses the current challenges with GLP-1/GIP therapies, where 67% of patients discontinue treatment due to side effects and experience weight rebound after plateauing in the first year.

Palatin Technologies (NYSE American: PTN) presented clinical and preclinical data on three melanocortin agonists at the 19th Annual Peptide Therapeutics Symposium. The presentation highlighted: PL9643 showing statistical significance in treating dry eye disease; PL8177 demonstrating effectiveness in reducing colonic damage and inflammation in ulcerative colitis models; and PL9654 showing promise in treating retinal diseases by reducing vision loss and photoreceptor degeneration. The data supports using melanocortin agonists to treat inflammatory diseases without immunosuppression.

Palatin Technologies (NYSE American: PTN) presented foundational data on novel and highly selective Melanocortin 4 Receptor (MC4R) agonists at the 19th Annual Peptide Therapeutics Symposium. The company has identified specific structural components responsible for MC1R agonism, which causes increased skin pigmentation, and modified them to optimize MC4R activity while reducing MC1R activity. This breakthrough could potentially eliminate skin color changes in obesity treatments.

The company plans to begin clinical development in 2025, targeting obesity treatment. Currently, Palatin is conducting a Phase 2 clinical trial combining bremelanotide with tirzepatide in obese patients, with results expected in Q1 2025.

Palatin Technologies, Inc. (NYSE American: PTN) has received a notice of non-compliance from NYSE American regarding continued listing standards. The company does not meet the requirement of having stockholders' equity of $6 million or more, as specified in Section 1003(a)(iii) of the NYSE American Company Guide. This is in addition to previously reported non-compliance with Sections 1003(a)(i) and (ii).

Palatin has submitted a plan to regain compliance by April 10, 2025, which has been accepted by the Exchange. The company can continue its listing during this period, subject to periodic reviews. Palatin is exploring multiple funding avenues to achieve compliance. The notice does not immediately affect the listing or trading of Palatin's common stock, nor does it impact the company's business operations or SEC reporting requirements.