aibioPalatin Technologies gets NYSE American delisting notice, plans to appeal
Tickers PTN
NYSE Regulation said it will start proceedings to delist Palatin Technologies (NYSE American: PTN) after the company did not regain compliance within an 18-month plan period. Palatin intends to appeal.
Key facts
- Company
- Palatin Technologies, Inc. (NASDAQ: PTN)
- News type
- Listings
- Primary source
- PALATIN TECHNOLOGIES INC Form 8-K filed April 10, 2025 (SEC EDGAR)
Palatin Technologies, Inc. (NYSE American: PTN) said NYSE Regulation has decided to start proceedings to delist its common stock from NYSE American. The company disclosed the delisting notice in a Form 8-K filed April 10, 2025 and says it intends to appeal.
What the filing says
On April 10, 2025, Palatin received written notification from NYSE American LLC that NYSE Regulation had determined to commence proceedings to delist the company's common stock, par value $0.01 per share. NYSE Regulation found that Palatin is no longer suitable for listing under Section 1009(a) of the NYSE American Company Guide.
The reason given is that Palatin was unable to demonstrate that it had regained compliance with Sections 1003(a)(i), (ii) and (iii) of the Company Guide by the end of the maximum 18-month compliance plan period. That period expired on April 10, 2025. In the company's press release, Palatin says those sections relate to stockholders' equity requirements.
The appeal
Palatin says it intends to exercise its right to appeal. The press release says the company has a right to a review of the determination by the Listings Qualifications Panel of the Committee for Review of the Board of Directors of the Exchange. The request for that review must be made by April 25, 2025.
The company has been advised that its common stock will continue to be listed and traded on NYSE American while the appeal is pending. That is subject to the exchange's discretion to suspend trading if it believes suspension to be in the public interest. After the appeal, NYSE Regulation will announce the committee's decision, which will either proceed with suspension and delisting or allow continued trading.
Palatin says it is working diligently to regain compliance with Sections 1003(a)(i), (ii) and (iii) of the Company Guide. It also says there can be no assurance that it will regain compliance before any hearing occurs.
About Palatin
In its annual report on Form 10-K filed September 30, 2024, Palatin describes itself as a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the melanocortin receptor system. Its strategy is to develop products and then form marketing collaborations with industry leaders.
The 10-K says the company's primary focus is melanocortin receptor treatments for obesity and for male sexual dysfunction. In the second quarter of calendar year 2024 it started a Phase 2 study of bremelanotide given together with tirzepatide, a GLP-1 agonist, and planned to enroll up to 60 patients. It also described a program to co-formulate bremelanotide with a phosphodiesterase type 5 inhibitor for erectile dysfunction in patients who do not respond to that inhibitor alone. A pharmacokinetics study was targeted for the first half of calendar year 2025, with a Phase 3 trial expected to start in the second half of calendar year 2025.
The annual report adds that Palatin is developing peptides for ocular conditions and is in discussions with potential partners and licensees for them. It also says its FDA-approved product Vyleesi was acquired by Cosette in December 2023.
Who is involved
Executive Vice President, Chief Financial Officer and Chief Operating Officer Stephen T. Wills signed the 8-K and is the investor contact in the press release. Paul Arndt, Managing Director at LifeSci Advisors, is the media contact.
Losses and going concern
The 10-K for the year ended June 30, 2024 reports a net loss of $29.7 million. It says management has determined that there is substantial doubt about the company's ability to continue as a going concern because of its need to raise significant additional financing to complete clinical trials and development, and that this doubt may hinder future financing. Neither the 8-K nor the press release gives a current stockholders' equity figure, so they do not show how far Palatin sits from the NYSE American standards.