SOUTH SAN FRANCISCO, Calif.,
Jan. 15, 2021 /PRNewswire/ -- Titan
Pharmaceuticals, Inc. (NASDAQ: TTNP) today announced it has entered
into a securities purchase agreement with certain accredited
institutional investors to purchase approximately $9.7 million of its common stock in a registered
direct offering and warrants to purchase common stock in a
concurrent private placement. The combined purchase price for one
share of common stock and each warrant will be $3.55.
Under the terms of the purchase agreement, Titan has agreed to
sell 2,725,000 shares of its common stock and warrants to purchase
up to an aggregate of 2,725,000 shares of common stock. The
warrants will be immediately exercisable, will expire on the five
year and six-month anniversary of the issuance date and will have
an exercise price of $3.55 per
share.
Titan expects the net proceeds from the registered direct
offering and concurrent private placement to be approximately
$8.9 million after deducting the
placement agent's fees and other estimated offering expenses. The
offering is expected to close on or about January 20, 2021, subject to the satisfaction of
customary closing conditions.
Maxim Group LLC is acting as the sole placement agent in
connection with the offering.
The shares of common stock are being offered pursuant to a shelf
registration statement on Form S-3 (File No. 333-230742), which was
declared effective by the United States Securities and Exchange
Commission ("SEC") on April 24, 2019.
The warrants issued in the concurrent private placement and shares
issuable upon exercise of such warrants were offered in a private
placement under Section 4(a)(2) of the Securities Act of 1933, as
amended (the "Act"), and Regulation D promulgated thereunder and
have not been registered under the Act or applicable state
securities laws.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. A
prospectus supplement relating to the shares of common stock and
warrants will be filed by Titan with the SEC. When available,
copies of the prospectus supplement relating to the registered
direct offering, together with the accompanying prospectus, can be
obtained at the SEC's website at www.sec.gov or from Maxim Group
LLC, 405 Lexington Avenue, New York,
NY 10174, Attention: Syndicate Department, or via email at
syndicate@maximgrp.com or telephone at (212) 895-3745.
About Titan Pharmaceuticals
Titan Pharmaceuticals, Inc. (NASDAQ: TTNP), based in
South San Francisco, CA, is a
development stage company developing proprietary therapeutics with
its ProNeura® long-term, continuous drug delivery technology. The
ProNeura technology has the potential to be used in developing
products for treating a number of chronic conditions, where
maintaining consistent, around-the-clock blood levels of medication
may benefit the patient and improve medical outcomes. For more
information about Titan, please visit www.titanpharm.com.
Forward-Looking Statements
This press release may contain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such statements
include, but are not limited to, any statements relating to our
product development programs and any other statements that are not
historical facts. Such statements involve risks and uncertainties
that could negatively affect our business, operating results,
financial condition and stock price. Factors that could cause
actual results to differ materially from management's current
expectations include those risks and uncertainties relating to our
ability to raise capital, the winding down of U.S. commercial
activities related to Probuphine, the regulatory approval process,
the development, testing, production and marketing of our drug
candidates, patent and intellectual property matters and strategic
agreements and relationships. We expressly disclaim any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in our expectations or any changes in events, conditions or
circumstances on which any such statement is based, except as
required by law.
CONTACTS:
Stephen Kilmer
Investor Relations
(650) 989-2215
skilmer@titanpharm.com
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SOURCE Titan Pharmaceuticals, Inc.