In a recent transaction, Robert K. deVeer Jr., a director at Palatin Technologies Inc . (AMEX:NYSE:PTN), purchased 100,000 shares of common stock, according to a filing with the Securities and Exchange Commission. The insider purchase comes as InvestingPro data shows the stock has declined nearly 97% over the past year, with technical indicators suggesting oversold conditions. The shares were acquired on May 7, 2025, at a weighted average price of $0.1018 per share, totaling approximately $10,180. Following this transaction, deVeer holds a total of 138,065 shares in the company. The purchase occurs amid challenging financial conditions, with InvestingPro analysis revealing the company’s weak overall financial health score of 1.0 and rapid cash burn rate. Discover 14 additional key insights about PTN with an InvestingPro subscription.
In other recent news, Palatin Technologies has reported significant findings from its ongoing research and development efforts. The company announced new preclinical data for its compounds, PL9654 and PL9655, which show potential in treating diabetic retinopathy by addressing inflammation and preserving vision. In addition, Palatin is advancing its dry eye disease treatment, PL9643, which demonstrated statistically significant symptom resolution in Phase 3 clinical trials. These developments come amid financial challenges, as Palatin faces delisting from the NYSE American due to non-compliance with listing standards. In response, the company has secured $11.5 million in funding to address these issues and support its obesity drug development. Moreover, Palatin has set terms for a $23 million public offering, with proceeds aimed at general corporate purposes and advancing its obesity program. Analysts from A.G.P./Alliance Global Partners (NYSE:GLP) are involved in managing this offering. Palatin is also exploring collaboration opportunities for its ocular portfolio, with discussions expected to progress later this year.
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