Titan Pharmaceuticals Announces Board Expansion

Titan Pharmaceuticals Announces Board Expansion

and Management Changes

SOUTH SAN FRANCISCO, Calif., August 16, 2022 /PRNewswire/

- Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) ("Titan" or the "Company") today announced that it has expanded

its Board of Directors (the "Board") from five (5) to eleven (11) and appointed six new directors following their election

at its special meeting of stockholders held on August 15, 2022 (the "Special Meeting"). The new directors, which were on a

nominee slate proposed by Activist Investing LLC (together with its affiliates, "Activist Investing"), are Avraham Ben-Tzvi,

Peter L. Chasey, Eric Greenberg, David E. Lazar, Matthew C. McMurdo and David Natan.

In addition, following the Special Meeting, Mr.

Lazar was appointed interim Chairman and Chief Executive Officer, with a mandate to lead Titan's continuing review of strategic

alternatives. Mr. Lazar succeeds Marc Rubin, M.D., who will no longer serve as Executive Chairman, but will remain on the Board.

"As one of the largest investors in Titan,

Activist Investing's goal is to help the Company unlock value for both ourselves and our fellow shareholders through a strategic

transaction," commented Mr. Lazar. "I believe the reconstituted Board, which collectively possess decades of experience in

pharmaceutical executive leadership, clinical research, strategic turnarounds, deal structuring, corporate governance, investment management,

accounting, finance and corporate law, will be a tremendous asset in this endeavor."

Biographies of Newly Elected Directors

About Titan Pharmaceuticals

Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), based

in South San Francisco, CA, is a development stage company developing proprietary therapeutics with its ProNeura long-term,

continuous drug delivery technology. The ProNeura technology has the potential to be used in developing products for treating a number

of chronic conditions, where maintaining consistent, around-the-clock blood levels of medication may benefit the patient and improve medical

outcomes. In December 2021, Titan commenced a process to explore and evaluate strategic alternatives to enhance shareholder value.

For more information about Titan, please visit

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 our ability to raise capital, 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.