Proceeds fund regulatory process, commercialization of Probuphine
By Toni Weeks
San Luis Obispo, Calif., Nov. 13 - Titan Pharmaceuticals, Inc. arranged a $5 million equity investment with Braeburn Pharmaceuticals Sprl on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.
The company will sell 6.25 million shares at $0.80 apiece. The price per share is a 15.79% discount to the closing share price of $0.95 on Nov. 12.
Proceeds will assist Titan with its cash flow requirement during the regulatory process and commercialization of Probuphine, a subdermal implant for the maintenance treatment of opioid dependence.
South San Francisco, Calif.-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: | Common stock
|
| Amount: | $5 million
|
| Shares: | 6.25 million
|
| Price: | $0.80
|
| Warrants: | No
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| Investor: | Braeburn Pharmaceuticals Sprl
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| Pricing date: | Nov. 13
|
| Stock symbol: | OTCBB: TTNP
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| Stock price: | $0.95 at close Nov. 12
|
| Market capitalization: | $69.34 million
|
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