SOUTH SAN FRANCISCO, Calif.,
March 5, 2020 /PRNewswire/
-- Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) today announced
that, since January 1, 2020, it has
received proceeds of approximately $5.9
million as a result of the exercise of approximately 26.2
million previously issued Class B common share purchase warrants
(the "Class B Warrants").
The Class B Warrants were issued in connection with the
Company's public offering completed in October 2019. The Class B Warrants have an
exercise price of $0.225 and are set
to expire in October 2024.
Approximately 14.1 Class B Warrants remain outstanding.
Sunil Bhonsle, Titan's President
and CEO, commented, "We have been very pleased to see this level of
warrant exercises and believe that the proceeds received
year-to-date will extend our cash runway into the fourth quarter as
we continue to drive our commercial activities."
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor will there be
any sale of these securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. The Class B Warrants and underlying common
stock are registered on Form S-1 (File No. 333-233722) on file with
the U.S. Securities and Exchange Commission ("SEC"). The
registration statement was declared effective by the SEC on
October 16, 2019. The registration
statement is available on the SEC's web site at
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
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;
Titan's ability to access capital; 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.
President & CEO
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SOURCE Titan Pharmaceuticals, Inc.