** Shares of Delaware-based drug developer Palatin Technologies PTN.A down 11% to 89 cents

** Co, which develops treatments of diseases such as autoimmune and dry eye diseases, launches stock offering

** PTNA to sell up to $6 million common shares through Alliance Global Partners acting as its sales agent

** Co has ~26.01 mln shares outstanding for a roughly $26 mln market value and ~18.9 mln shares of public float - LSEG

** Avg rating among 2 analysts is "buy" with $17 median PT - LSEG

** In the last 12 months, stock has fallen 50.7%

(Reporting by Siddhi Mahatole)

((siddhiprabhanjan.mahatole@thomsonreuters.com))