Palatin Technologies (PTN) said Wednesday it has closed its underwritten public offering of about 2.8 million common shares, which included the full exercise of the underwriters' option to purchase 364,615 additional shares.

The company said it raised gross proceeds of about $18.2 million from the offering and may receive additional proceeds of up to $18.2 million upon the cash exercise of milestone related series J warrants.

The company said it plans to use the net proceeds to support the development of its obesity program, among others.

Palatin Technologies said the closing of the offering resulted in the company regaining compliance with the NYSE American continued listing standard related to its stockholders' equity, adding that its common stock has resumed trading on the exchange under the symbol "PTN."