Titan Pharma to raise $11M in offering

California, USA-based Titan Pharmaceuticals has obtained commitments to purchase shares of its common stock in a registered direct offering for gross proceeds of around $11.0 million.

Under the terms of the transaction, Titan will sell approximately 5,445,000 shares of its common stock at $2.02 each to select institutional investors. The closing will occur upon the receipt of approval of listing of the new shares, and other customary conditions. Rodman & Renshaw is acting as placement agent for the transaction.