Palatin Technologies, Inc. (NYSE:PTN) [Trend Analysis] attempts to attain leading position in street, Shares price changes as it -31.43% to close at $0.56 with the total traded volume of 11 Million shares. Palatin Technologies, Inc. (NYSEMKT:PTN) reported that pricing of an underwritten public offering of 25,384,616 shares of its ordinary stock and warrants to purchase 12,692,310 shares of its ordinary stock for anticipated gross proceeds of $16.5 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Palatin.
The shares of ordinary stock and warrants will be provided as Series A Units, with each Series A Unit consisting of one share of ordinary stock and a Series J warrant to purchase 0.50 of a share of ordinary stock, and will be priced at $0.65 per unit. The offering is predictable to close on or about December 6, 2016, subject to customary closing conditions.
The Series J warrants are immediately exercisable at a price of $0.80 per share of ordinary stock and will expire on the fifth anniversary of the date of issuance. Canaccord Genuity is acting as sole book-running manager, Roth Capital Partners is acting as lead manager and Chardan Capital Markets is acting as co-manager for the offering. The firm has institutional ownership of 12.20%, while insider ownership included 4.90%. PTN attains analyst recommendation of 1.70 with week performance of -4.24%.
Swiss drug maker, Roche Holding Ltd. (ADR) (OTCMKTS:RHHBY) revealed it has expanded its distribution alliance with the life science business of Darmstadt, Germany-based Merck KgaA (MKGAY.PK), to now include the qPCR and endpoint PCR portfolios from Kapa Biosystems.
Merck KgaA operates as MilliporeSigma in the U.S. and Canada. Kapa Biosystems was before takeoverd by Roche in December of 2015. Roche noted that the contract will strengthen its existing distribution relationship with Merck KGaA, and allow consumers broad access to these products through its distribution channels.