This summary highlights certain information appearing elsewhere in this prospectus and in the information incorporated by reference. This summary is not complete and does not contain all of the information you should consider prior to investing in our securities. After you read this summary, you should read and consider carefully the more detailed information and financial statements and related notes that we include in this prospectus or incorporate by reference, especially the section entitled “Risk Factors.” If you invest in our securities, you are assuming a high degree of risk.
Unless we have indicated otherwise or the context otherwise requires, references in the prospectus to “Palatin,” the “Company,” “we,” “us” and “our” or similar terms refer to the operations of Palatin Technologies, Inc. and its subsidiary.
We expect to sell additional equity securities, which will cause dilution.have broad discretion over the use of the proceeds of this offering and you may not realize a return.
We expectwill have considerable discretion in the application of the net proceeds of this offering. We have not determined the amount of net proceeds that we will apply to sell additional equity securities, andvarious corporate purposes, including potential acquisitions. We may sell additional securities atuse the net proceeds for purposes that do not yield a discount to the market price. Any future sales of equity will dilute the holdings of existing stockholders, possibly reducing the value of their investment.significant return, if any, for our stockholders.
NOTE CONCERNING FORWARD-LOOKING STATEMENTS
In this prospectus, references to “we”, “our”, “us” or “Palatin” means Palatin Technologies, Inc. and its subsidiary.
This prospectus, and the information that we incorporate by reference, contain forward-lookingas well as oral statements withinthat may be made by us or by our officers, directors, or employees acting on our behalf, that are not historical facts constitute “forward-looking statements”, which are made pursuant to the meaningsafe harbor provisions of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Exchange Act,Act. The forward-looking statements in this prospectus do not constitute guarantees of future performance. Investors are cautioned that involve substantial risk and uncertainties. All statements other thanthat are not strictly historical statements of historical facts contained in this prospectus, including, statements regarding our future financial condition, business strategy and plans and objectives of management for future operations,without limitation, the following are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as ‘‘believe,’’ ‘‘will,’’ ‘‘may,’’ ‘‘estimate,’’ ‘‘continue,’’ ‘‘anticipate,’’ ‘‘intend,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘expect,’’ ‘‘predict,’’ ‘‘could,’’ ‘‘potentially’’ or the negative of these terms or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, but are not limited to, statements concerning the following:
● | estimates of our expenses, future revenue, capital requirements; |
● | our ability to obtain additional financing on terms acceptable to us, or at all; |
● | our limited operating history upon which to base an investment decision; |
● | our ability to advance product candidates into, and successfully complete, clinical trials; |
● | the initiation, timing, progress and results of future preclinical studies and clinical trials, and our research and development programs; |
● | the timing or likelihood of regulatory filings and approvals; |
● | our expectations regarding the results and the timing of results in our Phase 3 clinical trials of bremelanotide for FSD; |
● | our expectation regarding the timing of our regulatory submissions for approval of bremelanotide for FSD in the United States and Europe; |
● | the potential for commercialization of bremelanotide for FSD and other product candidates, if approved, by us; |
● | our expectations regarding the potential market size and market acceptance for bremelanotide for FSD and our other product candidates, if approved for commercial use; |
● | our ability to compete with other products and technologies similar to our product candidates; |
● | the ability of our third-party collaborators to timely carry out their duties under their agreements with us; |
● | the ability of our contract manufacturers to perform their manufacturing activities for us in compliance with applicable regulations; |
● | our ability to recognize the potential value of our licensing arrangements with third parties; |
● | the potential to achieve revenues from the sale of our product candidates; |
● | our ability to obtain adequate reimbursement from Medicare, Medicaid, private insurers and other healthcare payers; |
● | our ability to maintain product liability insurance at a reasonable cost or in sufficient amounts, if at all; |
● | the retention of key management, employees and third-party contractors; |
forward looking statements:
estimates of our expenses, future revenue and capital requirements;
● | the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and technology; |
●
our ability to obtain additional financing on terms acceptable to us, or at all;
● | our compliance with federal and state laws and regulations; |
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our ability to advance product candidates into, and successfully complete, clinical trials;
● | the timing and costs associated with obtaining regulatory approval for our product candidates; |
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the initiation, timing, progress and results of future preclinical studies and clinical trials, and our research and development programs;
● | the impact of legislative or regulatory healthcare reforms in the United States; |
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the timing or likelihood of regulatory filings and approvals;
● | our ability to adapt to changes in global economic conditions; and |
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our expectations regarding completion of required clinical trials and studies and validation of methods and controls used to manufacture bremelanotide for the treatment of premenopausal women with HSDD, which is a type of FSD;
● | our ability to remain listed on the NYSE MKT. |
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our expectation regarding the timing of our regulatory submissions for approval of bremelanotide for HSDD in the United States and in certain other jurisdictions outside the United States;
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our expectation regarding performance of our exclusive licensees of bremelanotide, including;
o
AMAG for North America,
o
Fosun, a subsidiary of Shanghai Fosun Pharmaceutical (Group) Co., Ltd., for China, and
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the potential for commercialization of bremelanotide for HSDD in North America by AMAG and other product candidates, if approved, by us;
●
our expectations regarding the potential market size and market acceptance for bremelanotide for HSDD and our other product candidates, if approved for commercial use;
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our ability to compete with other products and technologies similar to our product candidates;
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the ability of our third-party collaborators to timely carry out their duties under their agreements with us;
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the ability of our contract manufacturers to perform their manufacturing activities for us in compliance with applicable regulations;
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our ability to recognize the potential value of our licensing arrangements with third parties;
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the potential to achieve revenues from the sale of our product candidates;
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our ability to obtain adequate reimbursement from Medicare, Medicaid, private insurers and other healthcare payers;
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our ability to maintain product liability insurance at a reasonable cost or in sufficient amounts, if at all;
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the retention of key management, employees and third-party contractors;
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the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and technology;
●
our compliance with federal and state laws and regulations;
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the timing and costs associated with obtaining regulatory approval for our product candidates;
●
the impact of fluctuations in foreign exchange rates;
●
the impact of legislative or regulatory healthcare reforms in the United States;
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our ability to adapt to changes in global economic conditions; and
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our ability to remain listed on the NYSE American stock exchange.
These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause our actual results to be materially different from our historical results or from any results expressed or implied by forward-looking statements. Our future operating results are subject to risks and uncertainties and are dependent upon many factors, including, without limitation, the risks identified under the caption “Risk Factors,” and in our other SEC filings. The statements we make in this prospectus are as of the date of this prospectus.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as may be required by law, we do not intend to update any of the forward-looking statements for any reason after the date of this prospectus to conform such statements to actual results or if new information becomes available.
All forward-looking statements attributable to us, or to persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.
USE OF PROCEEDS
We will not receive any proceeds from the sale of stock under this prospectus. The selling stockholders will receive any and all proceeds from the sale of stock under this prospectus. We will bear the costs associated with this registration in accordance with a registration rights agreement, dated July 2, 2015 (the “Registration Rights Agreement”). The selling stockholders will bear any brokerage commissions, transfer taxes or underwriting commissions and discounts attributable to their sale of stock. See “Selling Stockholders” and “Plan of Distribution” below.
SELLING STOCKHOLDERS
Pursuant to the Registration Rights Agreement, unless an investor in the 2015 private offering waives its registration rights, we are required to use our reasonable best efforts to register shares issuable on exercise of the Series E 2015 warrants and Series F 2015 warrants issued in our 2015 private offering. Pursuant to the terms of Series G warrants issued in connection with our 2015 venture loan, we are required to use our reasonable best efforts to register shares issuable on exercise of the Series G 2015 warrants. The registration statement containingYou should read this prospectus, will satisfy our obligations to register these shares.
This prospectus coverstogether with the selling stockholders’ offers and salesinformation incorporated herein by reference as described under the section entitled “Incorporation of the following shares of common stock:
● | 16,438,356 shares underlying Series E 2015 warrants exercisable starting July 2, 2015, which expire July 2, 2025, issued pursuant to our 2015 private offering of warrants, with an exercise price of $0.01 per share. |
● | 1,643,836 shares underlying Series F 2015 warrants exercisable starting July 2, 2015, which expire July 2, 2020, issued pursuant to our 2015 private offering of warrants, with an exercise price of $0.91 per share. |
● | 549,450 shares underlying Series G 2015 warrants exercisable starting July 2, 2015, which expire July 2, 2020, issued pursuant to our 2015 venture loan, with an exercise price of $0.91 per share. |
The following table sets forth the names of the selling stockholders, their current beneficial ownership of our securities (but see the limitation on exercise described in the footnotes below), the number of shares offered for each stockholder’s account,Information by Reference,” and the amountdocuments that we reference in this prospectus and percentage of their beneficial ownership after this offering, assuming that the selling stockholders were to exercise all of their Series E and Series F 2015 warrants in full (subject to the limitation on exercise described in the footnotes to this table) and sell all of the offered shares and exercise all of their Series G 2015 warrants in full and sell all of the offered shares. The selling stockholders may from time to time offer and sell any or all of the shares pursuant to this prospectus. Because the selling stockholders are not obligated to sell the shares, we cannot estimate how many shares they will hold upon consummation of any such sales. “Beneficial ownership” here means direct or indirect voting or investment power over outstanding stock and stock which a person currently has the right to acquire or has the right to acquire within 60 days after the date of this prospectus. It therefore includes stock issuable on exercise of the warrants described above (but see the limitation on exercise described in the footnotes to the table). The information in the table is from the selling stockholders, reports furnished to us under rules ofhave filed with the SEC and our stock ownership records, as of the date of this prospectus. Information concerning the selling stockholders may change from time to time and any changed information will be set forth in supplements to this prospectus to the extent required.
On December 23, 2014, we completed a private placement offering in which we sold 2,050,000 shares of our common stock and Series C 2014 warrants to purchase up to 24,949,325 shares of our common stock to the certain existing stockholders, Baker Brothers Life Sciences, L.P. and 667, L.P., for aggregate proceeds of $20.0 million. The Series C 2014 warrants are exercisable at an exercise price of $0.01 per share, and expire ten years from the date of issuance. The holders may exercise the warrants on a cashless basis. The warrants are subject to a blocker provision prohibiting exercise of the warrants if the holder and its affiliates would beneficially own in excess of 9.99% of the total number of shares of our common stock following such exercise (as may be adjusted to the extent set forth in the warrant). The warrants also provide that in the event of a Company Controlled Fundamental Transaction (as defined in the warrants), we may, at the election of the warrant holder, be required to redeem all or a portion of the warrants at an amount tied to the greater of the then market price of our common stock or the amount per share paid to any other person.
On December 23, 2014, we also entered into a venture loan and security agreement (the “Loan Agreement”) with Horizon Technology Finance Corporation and Fortress Credit Co LLC (together, the “Lenders”) under which we borrowed $10.0 million. In connection with the Loan Agreement, on the same date we issued Series D 2014 warrants to the Lenders to purchase a total of 666,666 shares of common stock. The Series D 2014 warrants are immediately exercisable at an exercise price of $0.75 per share, subject to adjustment, and expire five years from the date of issuance.
| Name of Selling Stockholder (1) | | Shares Beneficially Owned Before the Offering | | | Maximum Number of Shares that May Be Sold Hereunder | | | Shares Beneficially Owned After the Offering | | | Percentage of Common Stock Beneficially Owned After the Offering | |
| Baker Bros. Advisors LP | | | 31,568,003 | (2) | | | 18,082,192 | (2) | | | 0 | (3) | | | 0 | % (3) |
| Horizon Technology Finance Corporation | | | 608,058 | (4) | | | 274,725 | | | | 0 | (5) | | | 0 | % (6) |
| Drawbridge Special Opportunities Fund LP | | | 608,058 | (6) | | | 274,725 | | | | 0 | (5) | | | 0 | % (5) |
(1) This table does not include Series E 2015 warrants or Series F 2015 warrants issued to certain investors in the 2015 private offering who, waived their registration rights under the Registration Rights Agreement.
(2) Consists of 175,875 shares outstanding, 981,113 shares issuable on exercise of Series C 2014 warrants, 1,115,786 shares issuable on exercise of Series E 2015 warrants and 111,579 shares issuable on exercise of Series F 2015 warrants beneficially owned by 667, L.P. and 1,874,125 shares outstanding, 10,454,698 shares issuable on exercise of Series C 2014 warrants, 15,322,570 shares issuable on exercise of Series E 2015 warrants and 1,532,257 shares issuable on exercise of Series F 2015 warrants beneficially owned by Baker Brothers Life Sciences, L.P. Exercise of each of the Series C 2014, Series E 2015 and Series F 2015 warrants issued to 667, L.P. and Baker Brothers Life Sciences, L.P. is subject to a blocker provision restricting the exercise of the warrants if, as a result of exercise, the beneficial ownership of the holder and its affiliates and any other party that could be deemed to be a group with the holder would exceed 4.99% of the outstanding common stock (as may be adjusted to the extent set forth in the Series C 2014, Series E 2015 and Series F 2015 warrants). Beneficial ownership in the table above does not exclude Series C 2014, Series E 2015 and Series F 2015 warrants which are not currently exercisable because of that restriction. Baker Bros. Advisors LP is the management company and investment advisor to 667, L.P. and Baker Brothers Life Sciences, L.P.
(3) Assumes the sale of all shares which were previously registered (including shares underlying Series C 2014 warrants, which are not currently exercisable because of the restriction described in footnote 2).
(4) Includes 333,333 shares issuable upon exercise of Series D 2014 warrants originally issued to Horizon Technology Finance Corporation and subsequently assigned to Horizon Credit II LLC, an affiliate of Horizon Technology Finance Corporation, and 274,725 shares issuable upon exercise of Series G 2015 warrants.
(5) Assumes the sale of all shares which were previously registered.
(6) Includes 333,333 shares issuable upon exercise of Series D 2014 warrants and 274,725 shares issuable upon exercise of Series G 2015 warrants.
LEGAL MATTERS
Unless otherwise specified in the applicable prospectus supplement, the validity of the securities covered by this prospectus will be passed upon for us by Thompson Hine LLP, New York, New York.
EXPERTS
The consolidated financial statements of Palatin Technologies, Inc. and subsidiary as of June 30, 2014 and 2013, and for each of the years in the three-year period ended June 30, 2014, have been incorporated by reference herein and in the registration statement in reliance upon the report of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.
INCORPORATION OF INFORMATION BY REFERENCE
We incorporate into this prospectus information contained in documents which we file with the SEC. We are disclosing important information to you by referring you to those documents. The information which we incorporate by reference is an important part of this prospectus, and certain information that we file later with the SEC will automatically update and supersede this information. We incorporate by reference the documents listed below:below (other than, in each case, any documents or information deemed to have been furnished and not filed in accordance with SEC rules):
● | annual report on Form 10-K for the fiscal year ended June 30, 2014, filed with the SEC on September 12, 2014; |
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current report on Form 8-K, filed with the SEC on September 7, 2017;
● ● current report on Form 8-K, filed with the SEC on September 12, 2017; | current report on Form 8-K, filed with the SEC on September 3, 2014; |
● | amended annual report on Form 10-K/A for the fiscal year ended June 30, 2014, filed with the SEC on October 9, 2014; |
●
annual report on Form 10-K for the fiscal year ended June 30, 2017, filed with the SEC on September 25, 2017;
● | quarterly report on Form 10-Q for the quarter ended September 30, 2014, filed with the SEC on November 14, 2014; |
●
quarterly report on Form 10-Q for the quarter ended September 30, 2017, filed with the SEC on November 13, 2017;
● | current report on Form 8-K, filed with the SEC on December 30, 2014; |
●
quarterly report on Form 10-Q for the quarter ended December 31, 2017, filed with the SEC on February 12, 2018;
● | quarterly report on Form 10-Q for the quarter ended December 31, 2014, filed with the SEC on February 12, 2015; |
●
amended annual report on Form 10-K/A for the fiscal year ended June 30, 2017, filed with the SEC on April 13, 2018;
● | quarterly report on Form 10-Q for the quarter ended March 31, 2015, filed with the SEC on May 12, 2015; |
●
current report on Form 8-K, filed with the SEC on April 20, 2018;
● | current report on Form 8-K, filed with the SEC on June 11, 2015, |
●
quarterly report on Form 10-Q for the quarter ended March 31, 2018, filed with the SEC on May 14, 2018;
● | current report on Form 8-K, filed with the SEC on July 7, 2015; and |
●
current report on Form 8-K, filed with the SEC on June 27, 2018; and
● | the description of our common stock contained in our registration statement on Form 8-A filed with the SEC on December 13, 1999, including any amendment or report for the purpose of updating such description. |
●
the description of our common stock contained in our registration statement on Form 8-A, initially filed with the SEC on December 13, 1999, including any amendment or report for the purpose of updating such description.
We also incorporate by reference any documents that we subsequently file with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the termination of the offering.offering (other than, in any case, any documents or information deemed to have been furnished and not filed in accordance with SEC rules).
You may obtain a free copy of any or all of the information incorporated by reference by writing or calling us. Please direct your request to:
Executive Vice President, Chief Financial Officer and Chief Operating Officer
Palatin Technologies, Inc.
4B Cedar Brook Drive
Cranbury, New Jersey 08512
Telephone: (609) 495-2200
Fax: (609) 495-2201
WHERE YOU CAN FIND MORE INFORMATION
We file annual, quarterly and current reports, proxy statements, registration statements and other information with the SEC. You may read and copy any materials we file at the SEC’s Public Reference Room at 100 F St. N.E.,NE, Washington, DC 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The address of that website is http://www.sec.gov. You can also access these documents free of charge and find information about Palatin on our website at http://www.palatin.com. Information found on our website is not part of this prospectus or any prospectus supplement, and investors should not rely on any such information in deciding whether to invest in our securities.
USE OF PROCEEDS
Unless we state otherwise in a prospectus supplement, we intend to use the net proceeds from the sale of securities under this prospectus for general corporate purposes, including capital expenditures. From time to time, we evaluate the possibility of acquiring businesses, products and technologies, and we may use a portion of the proceeds as consideration for acquisitions. Until we use net proceeds for these purposes, we may invest them in interest-bearing securities.
DILUTION
We may set forth in a prospectus supplement the following information regarding any material dilution of the equity interests of purchasers of securities in an offering under this prospectus:
●
The net tangible book value per share of our equity securities before and after the offering;
●
The amount of the increase in such net tangible book value per share attributable to the cash payments made by the purchasers in the offering; and
●
the amount of the immediate dilution from the public offering price which will be absorbed by such purchasers.
MARKET PRICE OF AND DIVIDENDS ON COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
The table below provides, for the fiscal quarters indicated, the reported high and low sales prices for our common stock on the NYSE American (formerly the NYSE MKT and NYSE AMEX) since July 1, 2016.
| FISCAL YEAR ENDED JUNE 30, 2017 | | |
| Fourth Quarter | $0.50 | $0.29 |
| Third Quarter | 0.62 | 0.32 |
| Second Quarter | 0.90 | 0.45 |
| First Quarter | 0.86 | 0.45 |
| FISCAL YEAR ENDED JUNE 30, 2018 | | |
| Fourth Quarter | $1.59 | $0.87 |
| Third Quarter | 1.20 | 0.83 |
| Second Quarter | 1.05 | 0.65 |
| First Quarter | 0.69 | 0.38 |
Our common stock has been listed on NYSE American under the symbol “PTN” since December 21, 1999. It previously traded on The Nasdaq SmallCap Market under the symbol “PLTN.”
Holders of common stock. On August 15, 2018, we had approximately 144 record holders of common stock and the closing sales price of our common stock as reported on the NYSE American was $0.94 per share.
Dividends and dividend policy. We have never declared or paid any dividends. We currently intend to retain earnings, if any, for use in our business. We do not anticipate paying dividends in the foreseeable future.
Dividend restrictions. Our outstanding Series A Preferred Stock, consisting of 4,030 shares on July 31, 2018, provides that we may not pay a dividend or make any distribution to holders of any class of stock unless we first pay a special dividend or distribution of $100 per share to the holders of the Series A Preferred Stock.
DESCRIPTION OF SECURITIES
General
The following description of our capital stock is intended as a summary only and is qualified in its entirety by reference to our amended and restated certificate of incorporation and bylaws, which are filed as exhibits to the registration statement of which this prospectus forms a part. Our authorized capital stock consists of:
●
300,000,000 shares of common stock, par value $0.01 per share, and
●
10,000,000 shares of preferred stock, par value $0.01 per share, of which 9,736,000 shares are undesignated.
As of July 31, 2018, we had outstanding:
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201,713,902 shares of our common stock;
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4,030 shares of Series A Convertible Preferred Stock, convertible into 61,145 shares of common stock, subject to adjustment, for no further consideration;
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stock options to purchase 12,646,312 shares of common stock at exercise prices ranging from $0.37 to $2.80 per share;
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restricted stock units representing 9,323,876 shares of common stock which vest on dates between September 7, 2018 and June 26, 2022, subject to the fulfillment of service conditions or attaining defined performance conditions; and
●
warrants to purchase 23,404,046 shares of common stock issuable on the exercise of warrants at exercise prices ranging from $0.70 to $0.91 per share.
Common Stock
We have the authority to issue 300,000,000 shares of common stock, par value $0.01 per share. As of July 31, 2018, there were 201,713,902 shares of our common stock outstanding, and a maximum of 45,435,379 shares of common stock were issuable on conversion of outstanding convertible preferred stock, exercise of outstanding options and warrants, and vesting of restricted stock units.
Holders of our common stock are entitled to one vote per share for the election of directors and on all other matters that require stockholder approval. Holders of shares of common stock do not have any cumulative voting rights. Subject to any preferential rights of any outstanding preferred stock, in the event of our liquidation, dissolution or winding up, holders of our common stock are entitled to share ratably in the assets remaining after payment of liabilities and the liquidation preferences of any outstanding preferred stock. See “Preferred Stock” and “Series A Convertible Preferred Stock,” below. Our common stock does not carry any redemption rights or any preemptive or preferential rights enabling a holder to subscribe for, or receive shares of, any class of our common stock or any other securities convertible into shares of any class of our common stock. Holders of our common stock have the right to participate ratably in dividend distributions. Our outstanding Series A Preferred Stock, consisting of 4,030 shares on July 31, 2018, provides that we may not pay a dividend or make any distribution to holders of any class of stock unless we first pay a special dividend or distribution of $100 per share to the holders of the Series A Preferred Stock.
Market Information
Our common stock is listed on the NYSE American under the symbol “PTN.” On August 15, 2018, the closing price of the common stock was $0.94 per share. We do not have any other class of securities listed for trading.
Transfer Agent and Registrar
The transfer agent for our common stock and our Series A and Series B warrants is American Stock Transfer & Trust Company, located at 6201 15th Avenue, Brooklyn, New York 11219. Their telephone number is (800) 937-5449.
Preferred Stock
We have the authority to issue 10,000,000 shares of preferred stock. As of July 31, 2018, 264,000 shares of our preferred stock were designated as a single class, Series A Convertible Preferred Stock, of which 4,030 shares were outstanding (see “Series A Convertible Preferred Stock” below). The description of preferred stock provisions set forth below is not complete and is subject to and qualified in its entirety by reference to our amended and restated certificate of incorporation and the certificate of designations relating to the Series A Convertible Preferred Stock.
The board of directors has the right, without the consent of holders of common stock, to designate and issue one or more series of preferred stock, which may be convertible into common stock at a ratio determined by the board. A series of preferred stock may bear rights superior to common stock as to voting, dividends, redemption, distributions in liquidation, dissolution, or winding up, and other relative rights and preferences. The board may set the following terms of any series preferred stock (which will be specified in the applicable prospectus supplement):
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the number of shares constituting the series and the distinctive designation of the series;
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dividend rates, whether dividends are cumulative, and, if so, from what date and the relative rights of priority of payment of dividends;
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voting rights and the terms of the voting rights;
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conversion privileges and the terms and conditions of conversion, including provision for adjustment of the conversion rate;
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redemption rights and the terms and conditions of redemption, including the date or dates upon or after which shares may be redeemable, and the amount per share payable in case of redemption, which may vary under different conditions and at different redemption dates;
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sinking fund provisions for the redemption or purchase of shares;
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rights in the event of voluntary or involuntary liquidation, dissolution or winding up of the corporation, and the relative rights of priority of payment; and
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any other relative powers, preferences, rights, privileges, qualifications, limitations and restrictions of the series.
Dividends on outstanding shares of preferred stock will be paid or declared and set apart for payment before any dividends may be paid or declared and set apart for payment on the common stock with respect to the same dividend period.
If upon any voluntary or involuntary liquidation, dissolution or winding up of the corporation, the assets available for distribution to holders of preferred stock are insufficient to pay the full preferential amount to which the holders are entitled, then the available assets will be distributed ratably among the shares of all series of preferred stock in accordance with the respective preferential amounts (including unpaid cumulative dividends, if any) payable with respect to each series.
Holders of preferred stock will not be entitled to preemptive rights to purchase or subscribe for any shares of any class of capital stock of the corporation. The preferred stock will, when issued, be fully paid and non-assessable. The rights of the holders of preferred stock will be subordinate to those of our general creditors.
Series A Convertible Preferred Stock
The board of directors established a series of 264,000 shares of preferred stock, designated Series A Convertible Preferred Stock, par value $0.01 per share (the “Series A”). We issued 137,780 shares of Series A in 1997, of which 4,030 shares remain outstanding as of July 31, 2018, the rest having been converted into common stock. The Series A has the following rights and preferences.
Optional conversion. Each share of Series A is convertible at any time, at the option of the holder, into the number of shares of common stock equal to $100 divided by the conversion price, as defined in the Series A certificate of designations. The current conversion price is $6.59, so each share of Series A is currently convertible into approximately 15 shares of common stock.
Mandatory conversion. We may, at our option, cause the conversion of the Series A, in whole or in part, on a pro rata basis, into common stock, if the closing bid price of the common stock has exceeded 200% of the conversion price for at least 20 trading days in any 30 consecutive trading day period, ending three days prior to the date of mandatory conversion.
Price protection provisions. The conversion price decreases if we sell common stock (or equivalents) for a price per share less than the conversion price or less than the market price of the common stock, subject to certain exceptions. The conversion price is also subject to adjustment upon the occurrence of a merger, reorganization, consolidation, reclassification, stock dividend or stock split which results in an increase or decrease in the number of shares of common stock outstanding.
Dividend and distribution preference. We may not pay a dividend or make any distribution to holders of any other capital stock unless and until we first pay a special dividend or distribution of $100 per share to the holders of Series A.
Liquidation preference. Upon (i) liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, (ii) sale or other disposition of all or substantially all of the assets of the Company, or (iii) any consolidation, merger, combination, reorganization or other transaction in which Palatin is not the surviving entity or in which the shares of common stock constituting in excess of 50% of the voting power of the Company are exchanged for or changed into other stock or securities, cash and/or any other property, after payment or provision for payment of the debts and other liabilities of the Company, the holders of Series A will be entitled to receive, pro rata and in preference to the holders of any other capital stock, an amount per share equal to $100 plus accrued but unpaid dividends, if any.
Voting rights. Each holder of Series A has the number of votes equal to the number of shares of common stock issuable upon conversion of the holder’s Series A at the record date for determination of the stockholders entitled to vote or, if no record date is established, at the date a vote is taken. Except as provided above or as required by applicable law, the holders of the Series A are entitled to vote together with the holders of the common stock and not as a separate class.
Debt Securities
As of the date of this prospectus, we have no debt securities issued and outstanding other than four-year senior secured term loans with a group led by Horizon Technology Finance Corporation for an original total face amount of $20,000,000 in the aggregate. As of March 31, 2018, the total of notes payable was $8,250,005 (including unamortized discounts and issuance costs of $83,328), of which $6,921,032 was classified as a current liability.
The following description, together with the additional information we include in any applicable prospectus supplement, summarizes the material terms and provisions of the debt securities that we may offer under this prospectus. While the terms we have summarized below will apply generally to any future debt securities we may offer, we will describe the particular terms of any debt securities that we may offer in more detail in the applicable prospectus supplement. The terms of any debt securities we offer under a prospectus supplement may differ from the terms we describe below.
We will issue notes under an indenture, which we will enter into with the trustee named in the indenture. Any indenture will be qualified under the Trust Indenture Act of 1939. You should read the summary below, the applicable prospectus supplement and the provisions of the applicable indenture and any related security documents, if any, in their entirety before investing in our debt securities.
We will describe in each prospectus supplement the following terms relating to a series of debt securities:
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the principal amount being offered, and if a series, the total amount authorized and the total amount outstanding;
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any limit on the amount that may be issued;
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whether or not we will issue the series of debt securities in global form, and if so, the terms and who the depository will be;
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the principal amount due at maturity, and whether the debt securities will be issued with an original issue discount;
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whether and under what circumstances, if any, we will pay additional amounts on any debt securities held by a person who is not a United States person for tax purposes, and whether we can redeem the debt securities if we have to pay such additional amounts;
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the annual interest rate, which may be fixed or variable, or the method for determining the rate and the date interest will begin to accrue, the dates interest will be payable and the regular record dates for interest payment dates or the method for determining such dates;
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whether or not the debt securities will be secured or unsecured, and the terms of any secured debt;
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the terms of the subordination of any series of subordinated debt;
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the place where payments will be payable;
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restrictions on transfer, sale or other assignment, if any;
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our right, if any, to defer payment of interest and the maximum length of any such deferral period;
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the date, if any, after which the conditions upon which, and the price at which, we may, at our option, redeem the series of debt securities pursuant to any optional or provisional redemption provisions and the terms of those redemptions provisions;
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the date, if any, on which, and the price at which we are obligated, pursuant to any mandatory sinking fund or analogous fund provisions or otherwise, to redeem, or at the holder’s option to purchase, the series of debt securities and the currency or currency unit in which the debt securities are payable;
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whether the indenture will restrict our ability to pay dividends, or will require us to maintain any asset ratios or reserves;
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whether we will be restricted from incurring any additional indebtedness, issuing additional securities, or entering into a merger, consolidation or sale of our business;
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a discussion of any material or special United States federal income tax considerations applicable to the debt securities;
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information describing any book-entry features;
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provisions for a sinking fund purchase or other analogous fund, if any;
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any provisions for payment of additional amounts for taxes and any provision for redemption, if we must pay such additional amount with respect to any debt security;
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whether the debt securities are to be offered at a price such that they will be deemed to be offered at an “original issue discount” as defined in paragraph (a) of Section 1273 of the Internal Revenue Code;
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the denominations in which we will issue the series of debt securities, if other than denominations of $1,000 and any integral multiple thereof;
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the terms on which a series of debt securities may be convertible into or exchangeable for our common stock, any other of our securities or securities of a third party, and whether conversion or exchange is mandatory, at the option of the holder or at our option;
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whether we and/or the debenture trustee may change an indenture without the consent of any holders;
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the form of debt security and how it may be exchanged and transferred;
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descriptions of the debenture trustee and paying agent, and the method of payments; and
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any other specific terms, preferences, rights or limitations of, or restrictions on, the debt securities, including any additional events of default or covenants provided with respect to the debt securities, and any terms which may be required by us or advisable under applicable laws or regulations.
Specific indentures will contain additional important terms and provisions and will be incorporated by reference as an exhibit to the registration statement that includes this prospectus, or as an exhibit to a report filed under the Exchange Act, incorporated by reference in this prospectus.
Warrants
As of August 15, 2018, warrants for the purchase of 23,404,046 shares of our common stock were outstanding, exercisable at a weighted average exercise price of $0.77. The outstanding warrants expire on various dates from December 23, 2019 through December 6, 2021.
The following description, together with the additional information we may include in any applicable prospectus supplement, summarizes the material terms and provisions of the warrants that we may offer under this prospectus and the related warrant agreements and warrant certificates. While the terms summarized below will apply generally to any warrants that we may offer, we will describe the particular terms of any series of warrants in more detail in the applicable prospectus supplement. The terms of any warrants offered under a prospectus supplement may differ from the terms described below. Specific warrant agreements will contain additional important terms and provisions and will be incorporated by reference as exhibits to the registration statement that includes this prospectus, or as exhibits to a report filed under the Exchange Act, incorporated by reference in this prospectus.
General. We will describe in the applicable prospectus supplement the terms of the series of warrants, including:
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the offering price and aggregate number of warrants offered;
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the currency for which the warrants may be purchased;
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if applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each such security or each principal amount of such security;
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if applicable, the date on and after which the warrants and the related securities will be separately transferable;
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in the case of warrants to purchase common stock or preferred stock, the number of shares of common stock or preferred stock, as the case may be, purchasable upon the exercise of one warrant and the price at which these shares may be purchased upon exercise;
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in the case of warrants to purchase debt securities, the principal amount of debt securities purchasable upon exercise of one warrant and the price at which, and currency in which, this principal amount of debt securities may be purchased upon exercise;
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the effect of any merger, consolidation, sale or other disposition of our business on the warrant agreement and the warrants;
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the terms of any rights to redeem or call the warrants;
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any provisions for changes to or adjustments in the exercise price or number of securities issuable upon exercise of the warrants;
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the dates on which the right to exercise the warrants will commence and expire;
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the manner in which the warrant agreement and warrants may be modified;
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federal income tax consequences of holding or exercising the warrants;
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information relating to book-entry procedures, if any;
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the terms of the securities issuable upon exercise of the warrants; and
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any other specific terms, preferences, rights or limitations of or restrictions on the warrants.
Before exercising their warrants, holders of warrants will not have any of the rights of holders of the securities purchasable upon such exercise, including:
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in the case of warrants to purchase debt securities, the right to receive payments of principal of, or premium, if any, or interest on, the debt securities purchasable upon exercise or to enforce covenants in the applicable indenture; or
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in the case of warrants to purchase common stock or preferred stock, the right to receive dividends, if any, or, payments upon our liquidation, dissolution or winding up or to exercise voting rights, if any.
Exercise of Warrants. Each warrant will entitle the holder to purchase the securities that we specify in the applicable prospectus supplement at the exercise price that we describe in the applicable prospectus supplement. Unless we otherwise specify in the applicable prospectus supplement, holders of the warrants may exercise the warrants at any time up to 5:00 P.M. New York time on the expiration date that we set forth in the applicable prospectus supplement. After the close of business on the expiration date, unexercised warrants will become void.
Holders of the warrants may exercise the warrants by delivering the warrant certificate representing the warrants to be exercised together with specified information, and paying the required amount to the warrant agent in immediately available funds, as provided in the applicable prospectus supplement. We will set forth on the reverse side of the warrant certificate and/or in the applicable prospectus supplement the information that the holder of the warrant will be required to deliver to the warrant agent.
Upon receipt of the required payment and the warrant certificate properly completed and duly executed at the corporate trust office of the warrant agent or any other office indicated in the applicable prospectus supplement, we will issue and deliver the securities purchasable upon such exercise. If fewer than all of the warrants represented by the warrant certificate are exercised, then we will issue a new warrant certificate for the remaining amount of warrants. If we so indicate in the applicable prospectus supplement, holders of the warrants may surrender securities as all or part of the exercise price for the warrants (cashless exercise).
We will describe in the applicable prospectus supplement exercise procedures for warrants in a book-entry form, if any.
Enforceability of Rights by Holders of Warrants. Each warrant agent will act solely as our agent under the applicable warrant agreement and will not assume any obligation or relationship of agency or trust with any holder of any warrant. A single bank or trust company may act as warrant agent for more than one issue of warrants. A warrant agent will have no duty or responsibility in case of any default by us under the applicable warrant agreement or warrant, including any duty or responsibility to initiate any proceedings at law or otherwise, or to make any demand upon us. Any holder of a warrant may, without the consent of the related warrant agent or the holder of any other warrant, enforce by appropriate legal action its right to exercise, and receive the securities purchasable upon exercise of, its warrants.
ANTI-TAKEOVER EFFECTS OF PROVISIONS OF DELAWARE LAW
AND OUR CHARTER DOCUMENTS
Amended and Restated Certificate of Incorporation
Our amended and restated certificate of incorporation authorizes the issuance of up to 10,000,000 shares of preferred stock, par value $.01 per share, of which 264,000 shares are currently designated as Series A Convertible Preferred Stock. The board of directors has the authority, without further approval of the stockholders, to issue and determine the rights and preferences of other series of preferred stock, except as limited by the certificate of designation for the Series A. The board could issue one or more series of preferred stock with voting, conversion, dividend, liquidation, or other rights which would adversely affect the voting power and ownership interest of holders of common stock. This authority may have the effect of deterring hostile takeovers, delaying or preventing a change in control, and discouraging bids for our common stock at a premium over the market price.
Section 203 of the Delaware General Corporation Law
We are subject to Section 203 of the Delaware General Corporation Law, which, subject to certain exceptions, prohibits a Delaware corporation from engaging in any business combination with any interested stockholder for a period of three years following the time that such stockholder became an interested stockholder, unless:
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prior to such time, the board of directors approved either the business combination or the transaction that resulted in the stockholder becoming an interested holder;
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upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding those shares owned (a) by persons who are directors and also officers and (b) by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or
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at or subsequent to such time, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least two thirds of the outstanding voting stock which is not owned by the interested stockholder.
In general, Section 203 defines “business combination” to include the following:
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any merger or consolidation involving the corporation and the interested stockholder;
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any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder;
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subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;
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any transaction involving the corporation that has the effect of increasing the proportionate share of the stock or any class or series of the corporation beneficially owned by the interested stockholder; or
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the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.
In general, Section 203 defines “interested stockholder” as an entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by such entity or person.
Indemnification and Limitation of Liability
Our amended and restated certificate of incorporation and bylaws require us to indemnify our directors, officers, employees and agents against the costs (including fines, judgments and attorney fees) from involvement in legal proceedings arising from their position or service, provided that the person seeking indemnification acted:
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in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the corporation; and,
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with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.
The amended and restated certificate of incorporation and bylaws allow us to buy indemnification insurance for this purpose.
Our certificate of incorporation provides that, to the fullest extent permissible under Delaware law, no director shall be personally liable to the corporation or its stockholders for monetary damages for breach of a fiduciary duty as a director. However, this provision does not eliminate the duty of care, and in appropriate circumstances, equitable remedies such as injunctive or other forms of non-monetary relief that will remain available under Delaware law. In addition, each director will continue to be subject to liability for (a) breach of the director’s duty of loyalty to us or our stockholders, (b) acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (c) violating Section 174 of the Delaware General Corporation Law, or (d) any transaction from which the director derived an improper personal benefit. The provision also does not affect a director’s responsibilities under any other law, such as the federal securities laws or state or federal environmental laws.
PLAN OF DISTRIBUTION
We may sell securities under this prospectus in public offerings:
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through one or more underwriters or dealers;
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directly to investors; or
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through a combination of any of these methods.
We may price the securities we sell under this prospectus:
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at a fixed public offering price or prices, which we may change from time to time;
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at market prices prevailing at the times of sale;
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at prices calculated by a formula based on prevailing market prices;
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at negotiated prices; or
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in a combination of any of the above pricing methods.
If we use underwriters for an offering, they will acquire securities for their own account and may resell them from time to time in one or more transactions at a fixed public offering price or at varying prices determined at the time of sale. The obligations of the underwriters to purchase the securities will be subject to the conditions set forth in the applicable underwriting agreement. We may offer the securities to the public through underwriting syndicates represented by managing underwriters or by underwriters without a syndicate. Subject to certain conditions, the underwriters will be obligated to purchase all the securities of the series offered by the prospectus supplement. The public offering price and any discounts or concessions allowed or re-allowed or paid to dealers may change from time to time. Only underwriters named in a prospectus supplement are underwriters of the securities offered by that prospectus supplement.
We may offer our securities in “at the market” offerings, with the meaning of Rule 415(a)(4) of the Securities Act, into an existing trading market on terms described in the applicable prospectus supplement. Underwriters and dealers may participate in any “at the market” offering.
We may also sell securities directly or through agents. We will name any agent involved in an offering and we will describe any commissions we will pay the agent in the prospectus supplement. Unless the prospectus supplement states otherwise, our agents will act on a best-efforts basis.
We may authorize agents or underwriters to solicit offers by certain types of institutional investors to purchase securities from us at the public offering price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the future. We will describe the conditions of these contracts and the commissions we must pay for solicitation of these contracts in the prospectus supplement.
We may provide agents and underwriters with indemnification against certain civil liabilities, including liabilities under the Securities Act, or contribution with respect to payments that the agents or underwriters may make with respect to such liabilities. Underwriters or agents may engage in transactions with us, or perform services for us, in the ordinary course of business. We may also use underwriters or agents with whom we have a material relationship. We will describe the nature of any such relationship in the prospectus supplement.
An underwriter may engage in overallotment, stabilizing transactions, short covering transactions and penalty bids in accordance with Regulation M under the Exchange Act . Overallotment involves sales in excess of the offering size, which create a short position. Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum. Short covering transactions involve purchases of the securities in the open market after the distribution is completed to cover short positions. Penalty bids permit the underwriter to reclaim a selling concession from a dealer when the securities originally sold by the dealer are purchased in a covering transaction to cover short positions. These activities may cause the price of our securities to be higher than it would otherwise be on the open market. The underwriter may discontinue any of these activities at any time.
All securities we offer, other than common stock, will be new issues of securities, with no established trading market. Underwriters may make a market in these securities, but will not be obligated to do so and may discontinue market making at any time without notice. We cannot guarantee the liquidity of the trading markets for any securities.
LEGAL MATTERS
Unless otherwise specified in the applicable prospectus supplement, the validity of the securities covered by this prospectus will be passed upon for us by Thompson Hine LLP, New York, New York. In addition, counsel that will be named in the applicable prospectus supplement will pass upon the validity of any securities offered under the applicable prospectus supplement for any underwriters or agents.
EXPERTS
The consolidated financial statements of Palatin Technologies, Inc. as of June 30, 2017 and 2016, and for each of the years in the three-year period ended June 30, 2017, have been incorporated by reference herein and in the registration statement in reliance upon the report of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.
This prospectus is part of a registration statement we filed with the SEC. You should rely only on the information or representations contained in (or incorporated by reference in) this prospectus and any accompanying prospectus supplement. We have not authorized anyone to provide information other than that provided in this prospectus and any accompanying prospectus supplement. The selling stockholdersWe are not making an offer of these securities in any jurisdiction where the offer is not permitted. You should assume that the information in this prospectus or any accompanying prospectus supplement, as well as information we have previously filed with the SEC and incorporated by reference herein, is accurate as of the date on the front of those documents only. Our business, financial condition, results of operations, and prospects may have changed since those dates.
18,631,642dates, is accurate as of any date other than the date on the front of the document.
Shares of
$100,000,000
Debt Securities
Warrants
Units
PALATIN TECHNOLOGIES, INC.
PROSPECTUS
, 20152018
PART II. INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
The following table sets forth expenses (estimated except for the SEC registration fees) in connection with the offering described in the registration statement. All suchThese estimates do not include expenses will be borne by us.for the preparation and filing of supplemental prospectuses relating to the issuance of particular securities under this registration statement.
| SEC registration fees | | $ | 2,122 | |
| Exchange fees | | | 65,000 | |
| Legal fees and expenses | | | 15,000 | |
| Accountants fees and expenses | | | 7,000 | |
| Miscellaneous | | | 3,000 | |
| TOTAL | | $ | 92,122 | |
| SEC registration fees | $6,320 |
| Exchange fees | 0 |
| Legal fees and expenses | 10,000 |
| Accountants fees and expenses | 9,000 |
| Miscellaneous | 3,000 |
| TOTAL | $28,320 |
ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS
Palatin is incorporated under the laws of the State of Delaware. Section 102(b)(7) of the Delaware General Corporation Law (DGCL) allows a corporation to provide in its certificate of incorporation for the elimination or limitation of personal liability of a director to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, with some exceptions. Article V, Section 3 of our amended and restated certificate of incorporation provides that to the fullest extent permitted by the DGCL, no director shall be personally liable to us or our stockholders for monetary damages for breach of a fiduciary duty as a director.
Section 145 of the DGCL provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or serving at the request of the corporation in similar capacities, against expenses (including attorneys’ fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. In the case of an action or suit by or in the right of the corporation, no indemnification shall be made with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the court having jurisdiction shall determine that such person is fairly and reasonably entitled to indemnity.
Article VI of our amended and restated certificate of incorporation and Article IX of our bylaws provide that we shall make the indemnification permitted under the DGCL, as summarized above, but only (unless ordered by a court) upon a determination by a majority of a quorum of disinterested directors, by independent legal counsel in a written opinion, or by the stockholders, that the indemnified person has met the applicable standard of conduct.
Article VI of our amended and restated certificate of incorporation and Article IX of our bylaws further provide that we may advance expenses for defending actions, suits or proceedings upon such terms and conditions as our board of directors deems appropriate, and that we may purchase insurance on behalf of indemnified persons whether or not we would have the power to indemnify such persons under Section 145 of the DGCL. We have obtained a directors’ and officers’ liability insurance policy which covers, among other things, certain liabilities arising under the Securities Act of 1933.
Pursuant to a registration rights agreement between us and selling stockholders who were purchasers in our 2014 private offering, each selling stockholder has agreed to indemnify and hold us and our directors and officers harmless from any loss to the extent arising out of or based solely upon any untrue statement of a material fact, or omission of an untrue fact, in a registration statement or prospectus, but only to the extent that such untrue statement or omission was furnished in writing by the selling stockholder specifically for inclusion in a registration statement or prospectus.
ITEM 16. EXHIBITS
The following exhibits are filed with this registration statement:EXHIBIT INDEX
| Exhibit Number | | Description | | Filed Herewith | | Form | | Filing Date | | SEC File No. |
4.011.01 | | Underwriting Agreement.† | | | | | | | | |
| | Restated Certificate of Incorporation of Palatin Technologies, Inc., as amended. | | | | 10-K | | September 27, 2013 | | 001-15543 |
| | Bylaws of Palatin Technologies, Inc. | | | | 10-Q | | February 8, 2008 | | 001-15543 |
| | Specimen Certificate for shares of Common Stock, $.01 par value, of Palatin Technologies, Inc. | | | | S-1 | | September 29, 2014 | | 333-198992 |
| 4.04 | | Warrant Agreement, dated March 1, 2011, between American Stock Transfer & Trust Company and Palatin Technologies, Inc.Form of securities purchase agreement.† | | | | | 10-Q | | May 13, 2011 | | 001-15543 |
| 4.05 | | Certificate of designation of preferred stock and specimen preferred stock certificate.† | | | | | | | | |
| | Form of Series A Warrant Certificate.debt indenture. | | X | | | | | 10-Q | | May 13, 2011 | | 001-15543 |
4.06 | | Form of Series B Warrant Certificate. | | | | 10-Q | | May 13, 2011 | | 001-15543 |
| 4.07 | | Form of Underwriters’ Warrant.note.† | | | | | 10-Q | | May 13, 2011 | | 001-15543 |
| 4.08 | | Form of Series A 2012 Warrant.warrant agreement and warrant certificate.† | | | | | 8-K | | July 6, 2012 | | 001-15543 |
4.09 | | Form of Series B 2012 Warrant. | | | | 8-K | | July 6, 2012 | | 001-15543 |
4.10 | | Securities Purchase Agreement, dated December 23, 2014, by and between Palatin Technologies, Inc. and the investors named therein. | | | | 8-K | | December 30, 2014 | | 001-15543 |
4.11 | | Registration Rights Agreement, dated December 23, 2014, by and between Palatin Technologies, Inc. and the investors named therein. | | | | 8-K | | December 30, 2014 | | 001-15543 |
4.12 | | Form of Series C 2014 Common Stock Purchase Warrant. | | | | 8-K | | December 30, 2014 | | 001-15543 |
4.13 | | Venture Loan and Security Agreement, dated December 23, 2014, by and between Palatin Technologies, Inc. and Horizon Technology Finance Corporation and Fortress Credit Co LLC. | | | | 8-K | | December 30, 2014 | | 001-15543 |
4.14 | | Form of Series D 2014 Common Stock Purchase Warrant. | | | | 8-K | | December 30, 2014 | | 001-15543 |
4.15 | | Securities Purchase Agreement, dated July 2, 2015, by and between Palatin Technologies, Inc. and the investors named therein. | | | | 8-K | | July 7, 2015 | | 001-15543 |
4.16 | | Registration Rights Agreement, dated July 2, 2015, by and between Palatin Technologies, Inc. and the investors named therein. | | | | 8-K | | July 7, 2015 | | 001-15543 |
4.17 | | Form of Series E 2015 Common Stock Purchase Warrant. | | | | 8-K | | July 7, 2015 | | 001-15543 |
4.18 | | Form of Series F 2015 Common Stock Purchase Warrant. | | | | 8-K | | July 7, 2015 | | 001-15543 |
4.19 | | Amended and Restated Venture Loan and Security Agreement, dated July 2, 2015, by and between Palatin Technologies, Inc. and Horizon Technology Finance Corporation, Fortress Credit Co LLC, Horizon Credit II LLC and Fortress Credit Opportunities V CLO Limited. | | | | 8-K | | July 7, 2015 | | 001-15543 |
4.20 | | Form of Series G 2015 Common Stock Purchase Warrant. | | | | 8-K | | July 7, 2015 | | 001-15543 |
5.01 | | Opinion of Thompson Hine LLP. | | X | | | | | | |
| | Consent of Thompson Hine LLP.†† | | X | | | X | | | | | | |
| | Consent of Independent Registered Public Accounting Firm. | | X | | | | | | |
| | Power of Attorney.††† | | X | | | X | | | | | | |
†
To be filed by amendment, or as an exhibit to a report filed under the Securities Exchange Act of 1934 and incorporated herein by reference.
††
Included in Exhibit 5.01.
†††
Included in the signature page of this registration statement.
ITEM 17. UNDERTAKINGS
(a)
The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
i. To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
ii. To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission (the “Commission”) pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and
iii. To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.
Provided, however, that:
Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the registration statement is on Form S-3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.
(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(5) That, for purposes of determining liability under the Securities Act of 1933 to any purchaser:
(A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and
(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness and the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fideoffering thereof; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or
ii.(C) Each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness; effectiveness; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.
(6) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
i. Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;
ii. Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
iii. The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and
iv. Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(h) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.
(i) The undersigned registrant hereby undertakes that:
(1) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act of 1933 shall be deemed to be part of this registration statement as of the time it was declared effective.
(2) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(j) The undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under Section 305(b)(2) of the Trust Indenture Act.
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the Township of Cranbury, State of New Jersey, on July 31, 2015.August 17, 2018.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
