Palatin raises $35 million

Palatin Technologies Inc. (NYSE-M:PTN) raised $35 million in a private placement of shares and warrants to QVT Financial. The offering comprises the sale of 3.9 million shares at $0.50 and 10-year series A and B warrants to purchase up to 32 million and 35.5 million shares, respectively, at $0.49. Each warrant is initially exercisable for a penny. The series B warrants are exercisable only if Palatin shareholders increase the company's authorized shares of common stock. Palatin, which made the announcement after market close on Friday, was up $0.14 (28%) to $0.64. ...