Titan Pharmaceuticals to Raise $10 Million in Registered Direct Offering of Common Stock
Thursday March 16, 7:30 am ET
SOUTH SAN FRANCISCO, Calif., March 16 /PRNewswire-FirstCall/ -- Titan Pharmaceuticals, Inc. (Amex: TTP - News) today announced that it has obtained commitments to purchase shares of its common stock in a registered direct offering for gross proceeds of approximately $10 million. Under the terms of the transaction, Titan will sell approximately 3,077,000 shares of its common stock at $3.25 per share to select institutional investors. The closing of the offering is expected to take place on March 20, 2006, subject to the satisfaction of customary closing conditions.
Rodman & Renshaw, LLC acted as placement agent for the transaction. The shares of common stock may only be offered by means of a prospectus. Copies of the final prospectus supplement and accompanying base prospectus can be obtained from Rodman & Renshaw, LLC at 1270 Avenue of the Americas, 16th Floor, New York, New York 10020.
A shelf registration statement relating to these securities was declared effective by the Securities and Exchange Commission on February 17, 2004. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. |
