Titan plans to raise $21.3M in private placement

The USA's Titan Pharmaceuticals has obtained commitments to purchase shares of its common stock for gross proceeds of $21.3 million. As part of the transaction, Titan will sell 13.3 million in common stock at $1.60 per share to select institutional investors that will also receive warrants to purchase 6.65 million more shares at an exercise price of $2.00 per share. The closing will occur upon the receipt of approval of listing of the new shares, and satisfaction of other customary closing conditions.