Proceeds earmarked to prepare new drug application for Probuphine
By Devika Patel
Knoxville, Tenn., April 10 - Titan Pharmaceuticals, Inc. said it will conduct a $5.54 million registered direct offering of units.
The company will sell 6,517,648 units of one common share and two warrants at $0.85 per unit.
Each series A warrant will be exercisable at $1.15 for six years. Each series B warrant will be exercisable at $0.85 for six months. The strike prices are a 4.55% premium and a 22.73% discount, respectively, to $1.10, the April 9 closing share price.
Rodman & Renshaw, LLC is the agent.
Settlement is expected on April 13.
Proceeds will be used to prepare a new drug application for Probuphine and for working capital and general corporate purposes.
San Francisco-based Titan is a biopharmaceutical company focused on developing treatments for central nervous system disorders, cardiovascular disease, bone disease and other disorders.
| Issuer: | Titan Pharmaceuticals, Inc.
|
| Issue: | Units of one common share and two warrants
|
| Amount: | $5.54 million
|
| Units: | 6,517,648
|
| Price: | $0.85
|
| Warrants: | Two quarter-share warrants per unit
|
| Warrant expiration: | Six years (series A), six months (series B)
|
| Warrant strike price: | $1.15 (series A), $0.85 (series B)
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | April 10
|
| Settlement date: | April 13
|
| Stock symbol: | OTCBB: TTNP
|
| Stock price: | $1.10 at close April 9
|
| Market capitalization: | $109.67 million
|
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