Palatin Technologies Inc DEFA14A, filed Jun 21, 2021
Palatin Technologies Inc (PTN)
DEFA14A
2021-06-21
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October 21, 2026
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
SCHEDULE
14A INFORMATION
Proxy
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of 1934
(Amendment No. __)
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Soliciting Material under Rule 14a-12
|
Palatin
Technologies, Inc.
|
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(Name of Registrant as Specified In Its Charter)
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Registrant)
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Filed:
June
18, 2021
Dear
Stockholder,
I write
to ask for your support on Proposal 3, an increase in authorized
common stock. This proposal was adjourned from our Annual Meeting
until July 8 at 9:00 a.m. Eastern Daylight Time to provide
shareholders with adequate time to review and consider the impact
of not approving an increase in our authorized common stock. Our
Board of Directors believe it is in the best interests of our
shareholders to approve Proposal 3.
●
We asked
shareholders to approve an increase in our authorized common stock
from 300M to 400M shares. We currently have less than 10% of
authorized stock available.
●
We have no current
plans to initiate an equity offering or otherwise issue any of the
additional shares of authorized common stock being requested, even
if Proposal 3 passes.
●
The increase is
about future flexibility. We need to have access to capital to
ensure we have sufficient funds to advance our development programs
and execute on our business plan and take advantage of any
strategic opportunities that may arise, all of which that could
result in an increase to shareholder value.
●
Both of the leading
independent shareholder voting advisory groups (ISS and Glass
Lewis) have recommended that shareholders vote FOR Proposal
3.
●
If there is not an
increase in our authorized common stock, and we decide that it is
in the best interests of our shareholders to conduct a financing in
the future, we will have to utilize other fund-raising mechanisms
that do not involve our common stock, such as a preferred share
offering, a convertible note offering, or a venture debt facility.
These “non-common stock” financings would likely
disadvantage our common stock shareholders.
Dr.
Carl Spana, Palatin’s CEO, and I are very excited about our
pipeline portfolio. Significant milestones and inflection points
over the next several quarters include:
●
A Phase 3 clinical
study of PL9643 in patients with dry eye disease is planned for the second half of calendar year
2021, with data readout potentially in the first half of calendar
year 2022.
●
A Phase 2 clinical
study with an oral formulation of PL8177 in ulcerative colitis
patients is planned for the second
half of calendar year 2021, with data readout potentially
mid-calendar year 2022.
●
Regarding
Vyleesi®, the quarter
ended March 31, 2021, reflected
significant increases across several metrics: gross product sales
increased 89%, net revenue increased 154%, and prescriptions
increased 24%, over the prior quarter ended December 31, 2020. Our
objective is to continue to show brand growth and license
commercial rights for the U.S. and other regions around the
globe.
We value your investment in Palatin and hope that you remain a
long-term shareholder and supporter. Carl and I are happy to
discuss these developments and Proposal 3 at your convenience.
Please do not hesitate to contact me via email at swills@palatin.com or on my
cell phone (267) 397-6916 or Carl via email at cspana@palatin.com or cell
phone (914) 484-6220.
Sincerely,
Stephen
T. Wills, CPA/MST
CFO/COO, Palatin
Technologies, Inc.
4-B Cedar Brook
Drive, Cedar Brook Corporate Center, Cranbury, NJ 08512 |
609-495-2200 | palatin.com