Titan Pharmaceuticals Announces Pricing of $9.7 Million Registered Direct Offering South San Francisco, CA

Titan Pharmaceuticals Announces Pricing

of $9.7 Million Registered Direct Offering

South San Francisco, CA - January 15, 2021 - Titan

Pharmaceuticals, Inc. (NASDAQ: TTNP) today announced it has entered into a securities purchase agreement with certain accredited

institutional investors to purchase approximately $9.7 million of its common stock in a registered direct offering and warrants

to purchase common stock in a concurrent private placement. The combined purchase price for one share of common stock and each

warrant will be $3.55.

Under the terms of the purchase agreement, Titan has agreed

to sell 2,725,000 shares of its common stock and warrants to purchase up to an aggregate of 2,725,000 shares of common stock. 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 $3.55 per share.

Titan expects the net proceeds from the registered direct offering

and concurrent private placement to be approximately $8.9 million after deducting the placement agent's fees and other estimated

offering expenses. The offering is expected to close on or about January 20, 2021, subject to the satisfaction of customary closing

Maxim Group LLC is acting as the sole placement agent in connection

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. The warrants issued in the concurrent private placement and shares issuable upon

exercise of such warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the

"Act"), and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities

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 and warrants 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 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. 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 our ability to raise capital, the winding down of U.S. commercial activities

related to 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.