Full Press Release Details
Titan Pharmaceuticals Announces Pricing
of $2.7 Million Registered Direct
South San Francisco, CA - September 24, 2020 -
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
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.