** 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))
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