SOUTH SAN FRANCISCO, Calif.,
Oct. 28, 2020 /PRNewswire/
-- Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) today announced
the pricing of an underwritten public offering of 80,000,000 units
at a price of $0.10 per unit.
Each unit issued in the offering consists of one share of common
stock and one warrant to purchase one share of common stock.
Gross proceeds, before underwriting discounts and commissions and
estimated offering expenses, are expected to be $8.0 million.
The warrants will have an exercise price of $0.10, will be exercisable commencing on the
effective date of an increase in our authorized shares of common
stock or a reverse split in an amount sufficient to permit the
exercise in full of the warrants and will expire on the fifth
anniversary of the initial exercise date. The shares of common
stock 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 30, 2020.
Maxim Group LLC is acting as the sole book-running manager for
the offering.
The Securities and Exchange Commission (the "SEC") declared
effective a registration statement on Form S-1 (File No.
333-249550) relating to these securities on October 28, 2020. 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 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.