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.

Canaccord Adams and Rodman & Renshaw acted as placement agents for the transaction. Titan noted that the shares and warrants to be sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the USA absent registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements. The firm has agreed to file a registration statement with the SEC covering the resale of the shares and warrants issued in the private placement.