Palatin to Deliver Plan of Compliance to NYSE
American
CRANBURY, N.J., Oct. 13,
2023 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE
American: PTN), a biopharmaceutical company developing
first-in-class medicines based on molecules that modulate the
activity of the melanocortin receptor system, today announced it
received a notice from the staff of NYSE American LLC (the
"Exchange") that Palatin was not in compliance with the Exchange's
continued listing standards under Section 1003(a)(i) and (ii) of
the NYSE American Company Guide. Section 1003(a)(i) requires a
listed company to have stockholders' equity $2 million or more if the listed company has
reported losses from continuing operations and/or net losses in two
of its three most recent fiscal years, and Section 1003(a)(ii)
requires a listed company to have stockholders' equity of
$4 million or more if the listed
company has reported losses from continuing operations and/or net
losses in three of its four most recent fiscal years. Palatin is
now subject to the procedures and requirements of Section 1009 of
the NYSE American Company Guide. Palatin has until November 9, 2023, to submit a plan (the "Plan")
of actions it has taken or will take to regain compliance with the
continued listing standards by April 10,
2025.
Palatin intends to timely deliver a Plan to the Exchange.
If the Exchange accepts the Plan, Palatin will be able to continue
its listing during the Plan period and will be subject to periodic
reviews including quarterly monitoring for compliance with the Plan
until it has regained compliance. Palatin is assessing and
exploring multiple funding avenues and is committed to undertaking
a transaction or transactions in the future to achieve compliance
with the Exchange's requirements.
Receipt of the notice from the Exchange has no immediate effect
on the listing or trading of Palatin's common stock on the
Exchange, and does not affect Palatin's business, operations or
reporting requirements with the U.S. Securities and Exchange
Commission.
About Palatin
Palatin is a biopharmaceutical company developing first-in-class
medicines based on molecules that modulate the activity of the
melanocortin receptor systems, with targeted, receptor-specific
product candidates for the treatment of diseases with significant
unmet medical need and commercial potential. Palatin's strategy is
to develop products and then form marketing collaborations with
industry leaders to maximize their commercial potential. For
additional information regarding Palatin, please visit Palatin's
website at www.Palatin.com and follow Palatin on Twitter at
@PalatinTech.
Forward-looking Statements
Statements in this press release that are not historical facts,
including statements about future expectations of Palatin, are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934 and as that term is defined in the Private Securities
Litigation Reform Act of 1995. Palatin intends that such
forward-looking statements be subject to the safe harbors created
thereby. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that could cause Palatin's
actual results to be materially different from its historical
results or from any results expressed or implied by such
forward-looking statements. Palatin's actual results may differ
materially from those discussed in the forward-looking statements
for reasons including, but not limited to, actions of Palatin
and/or the Exchange to be taken with respect to matters discussed
in the letter from the Exchange, Palatin's ability to fund
development of its technology and establish and successfully
complete clinical trials, the length of time and cost required to
complete clinical trials and submit applications for regulatory
approvals, and other factors discussed in Palatin's periodic
filings with the Securities and Exchange Commission. Palatin is not
responsible for updating for events that occur after the date of
this press release.
Palatin Technologies® is a registered trademark of
Palatin Technologies, Inc.
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SOURCE Palatin Technologies, Inc.