Titan Pharmaceuticals Announces Sale of Common Stock
SOUTH SAN FRANCISCO, Calif., March 26 /PRNewswire-FirstCall/ -- Titan
Pharmaceuticals, Inc. announced today that it has obtained binding commitments
from a number of select institutional investors and an individual investor to
purchase approximately three million shares of its common stock at a price of
$5.00 per share, for gross proceeds in excess of $15 million. The shares are
being offered under the Company's effective shelf registration statement
previously filed with the Securities and Exchange Commission. Rodman & Renshaw,
LLC acted as placement agent for the offering.
The proceeds of the financing will be used for research and product development
activities, as well as for general corporate purposes.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy these securities, nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would be
unlawfulprior to registration or qualification under the securities laws of any
such state. Copies of the prospectus and the prospectus supplement can be
obtained from the Company, or from Rodman & Renshaw, LLC, 330 Madison Avenue,
New York, NY 10017.
About Titan Pharmaceuticals Titan Pharmaceuticals, Inc. (AMEX:TTP) is a biopharmaceutical company focused on
the development and commercialization of novel treatments for central nervous
system (CNS) disorders, cancer and cardiovascular disease. Titan's numerous
products in development utilize novel technologies that have the potential to
significantly improve the treatment of these diseases. Titan also establishes
partnerships with multinational pharmaceutical companies and government
institutions for thedevelopment of its products.
The 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 the Company's development program and any other
statements that are not historical facts. Such statements involve risks and
uncertainties, including, but not limited to, those risks and uncertainties
relating to difficulties or delays in development, testing, regulatory approval,
production and marketing of the Company's drug candidates, unexpected adverse
side effects or inadequate therapeutic efficacy of the Company's drug candidates
that could slow or prevent product development or commercialization, the
uncertainty of patent protection for the Company's intellectual property or
trade secrets and the Company's ability to obtain additional financing if
necessary. Such statements are based on management's current expectations, but
actual results may differ materially due to various factors, including those
risks and uncertainties mentioned or referred to in this press release. DATASOURCE: Titan Pharmaceuticals, Inc.
CONTACT: Company - Robert Farrell, Executive Vice President & CFO, Titan Pharmaceuticals, Inc., +1-650-244-4990; or Media/Investors - Jonathan Fassberg of The Trout Group, +1-212-477-9077, for Titan
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