Titan Pharmaceuticals Raises $5.5M Via Equity

Titan Pharmaceuticals Inc TTNP has announced a private placement of 3.37 million shares and 1.29 million pre-funded warrants.

• In addition, the Company has agreed to issue to the investor unregistered warrants to purchase up to an aggregate of 4.67 million shares.
• The combined offering price of each share or pre-funded warrant and each warrant will be $1.18. 
• The warrants will be immediately exercisable, will expire on the five-year and six-month anniversary of the issuance date, and will have an exercise price of $1.14 per share.
• The aggregate gross proceeds to the Company are expected to be approximately $5.5 million. 
• The offerings are expected to close by February 4.
• Maxim Group LLC is acting as the exclusive placement agent in connection with the offerings.
• Titan Pharmaceuticals commenced exploring and evaluating strategic alternatives in December and engaged Maxim Group as its exclusive financial advisor.
• Price Action: TTNP shares are down 6.14% at $1.07 during the market session on the last check Wednesday.