Palatin sets annual meeting date, opens shareholder proposals

Palatin Technologies (NYSE:PTN) Inc., a pharmaceutical company specializing in the development of peptide therapeutics, has announced key dates related to its upcoming annual meeting of stockholders for the fiscal year ended June 30, 2024. The company has scheduled the annual meeting for December 12, 2024, and has set October 28, 2024, as the record date for stockholders entitled to notice and voting rights at the meeting.

This announcement, filed with the U.S. Securities and Exchange Commission (SEC) on September 6, 2024, indicates a shift in the annual meeting date which is over 30 days from the previous year's meeting held on June 27, 2024. Consequently, the deadline for stockholder proposals for inclusion in Palatin's proxy materials has been adjusted to October 21, 2024. These proposals must adhere to the rules and regulations of the SEC's Exchange Act to be considered for inclusion.

Additionally, stockholders interested in nominating directors or submitting proposals must provide notice by September 13, 2024, in accordance with the company's Amended and Restated Bylaws. Notices must meet specific criteria detailed in the bylaws and be directed to the Secretary at Palatin's executive offices in Cranbury, New Jersey.

In other recent news, Palatin Technologies has advanced in its development of the dry eye disease treatment, PL9643, with the FDA's approval of its Phase 3 clinical trial protocols. The company has also initiated a Phase II clinical trial for a potential obesity treatment, combining Bremelanotide with Tirzepatide.

These developments come alongside Palatin's Q3 fiscal year 2024 results, which showed a net loss of $8.4 million, largely due to investments in Melanocortin receptor programs.

Furthermore, Palatin has secured approximately $6.1 million from the exercise of warrants, which will be allocated for working capital and other corporate purposes.

The company's annual stockholders' meeting resulted in the election of seven directors, ratification of KPMG LLP as the public accounting firm, and approval of an amendment to its 2011 Stock Incentive Plan.

H.C. Wainwright maintained its Buy rating for Palatin following the commencement of another Phase 2 clinical trial focused on the treatment of erectile dysfunction. Palatin also plans to submit an Investigational New Drug application for a new co-formulation combining bremelanotide with a PDE5i, with a potential Phase 3 clinical trial projected to begin in the first half of 2025.

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