SOUTH SAN FRANCISCO, Calif.,
Sept. 24, 2020 /PRNewswire/
-- Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) today announced
it has entered into a share purchase agreement with certain
accredited institutional investors to purchase 19,440,000 shares of
its common stock in a registered direct offering at a purchase
price of $0.14 per share.
Titan expects the net proceeds from the offering to be
approximately $2.5 million after
deducting the placement agent's fees and other estimated offering
expenses. The offering is expected to close on or about
September 28, 2020, 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.
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 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 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 use disorder ("OUD"). Approved by
the U.S. Food and Drug Administration in May
2016, Probuphine is the first and only commercialized
treatment for eligible patients with OUD 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, 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:
Stephen Kilmer
Investor Relations
(650) 989-2215
skilmer@titanpharm.com
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SOURCE Titan Pharmaceuticals, Inc.