Titan Pharmaceuticals Announces Pricing of $8.0 Million Underwritten Public Offering

On October 28, 2020 Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) reported the pricing of an underwritten public offering of 80,000,000 units at a price of $0.10 per unit (Press release, Titan Pharmaceuticals, OCT 28, 2020, View Source [SID1234569264]). 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.

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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 View Source 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.