SOUTH SAN FRANCISCO, Calif.,
Oct. 16, 2019 /PRNewswire/ -- Titan
Pharmaceuticals, Inc. (NASDAQ: TTNP) today announced the pricing of
an underwritten public offering of 40,000,000 units at a price to
the public of $0.225 per unit. Each
unit issued in the offering consists of one share of common stock
(or pre-funded warrant in lieu thereof) and one Class B Warrant to
purchase one share of common stock. Gross proceeds, before
underwriting discounts and commissions and estimated offering
expenses, are expected to be $9.0
million.
The Class B Warrants will be immediately exercisable at a price
of $0.225 per share of common stock
and will expire five years from the date of issuance. The shares of
common stock (or pre-funded warrants) and the accompanying warrants
are immediately separable from the units and, can only be purchased
together in the offering. The offering is expected to close on or
about October 18, 2019, subject to
customary closing conditions.
Maxim Group LLC is acting as the sole book-running manager for
the offering.
Titan has granted the underwriters a 45-day option to purchase
up to an additional 6,000,000 shares of common stock and/or Class B
warrants to purchase up to 6,000,000 shares of common stock, at the
public offering price less discounts and commissions.
The Securities and Exchange Commission (the "SEC") declared
effective a registration statement on Form S-1 (File No.
333-233722) relating to these securities on October 16, 2019. A final prospectus relating to
the offering will be filed with the SEC and will be available on
the SEC's website at http://www.sec.gov. The offering is being made
only by means of a prospectus forming part of the effective
registration statement. Electronic copies of the prospectus
relating to this offering, when available, may be obtained from
Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor may there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Titan Pharmaceuticals
Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), based in South San Francisco, CA, is a commercial stage
company developing proprietary therapeutics with its ProNeura™
long-term, continuous drug delivery technology. The company's lead
product is Probuphine® (buprenorphine) implant, a novel and
long-acting formulation of buprenorphine for the long-term
maintenance treatment of opioid dependence. Approved by the U.S.
Food and Drug Administration in May
2016, Probuphine is the first and only commercialized
treatment of opioid dependence to provide continuous,
around-the-clock blood levels of buprenorphine for six months
following a single procedure. The ProNeura technology also has the
potential to be used in developing products for treating other
chronic conditions such as Parkinson's disease and hypothyroidism,
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 the
commercialization of 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:
Sunil Bhonsle,
President & CEO
(650) 244-4990
Stephen Kilmer
Investor Relations
(650) 989-2215
skilmer@titanpharm.com
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SOURCE Titan Pharmaceuticals, Inc.