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Biotech / Medical : TITAN PHARMACEUTICAL (TTP) -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (76)	8/6/1999 12:31:00 PM
From: scaram(o)uche	Read Replies (2) \| Respond to of 362

proxy filed today. Slab of ptions repriced to $7.50/share....... In June 1998, the Board of Directors offered each holder of options with an exercise price of $10.00 per share or more the opportunity to exchange their options for new options under the 1995 Stock Option Plan to purchase the same number of shares at an exercise price of $7.50 per share. On the exchange date, the market price of Titan's common stock was $4.75. Pursuant to the repricing offer, options to purchase an aggregate of 820,135 shares were exchanged on June 19, 1998 for repriced options. The repriced options vested six months from the exchange date as to the number of shares the optionee had vested on the exchange date and thereafter in 24 equal monthly installments. The principal purpose of the repricing offer was to address concerns relating to the Company's ability to retain and continue to motivate key personnel. In light of the continuing depressed market price of the shares, most of the options held by management were substantially out-of-the-money. The Board believed that the reduced exercise price, while still significantly in excess of the market price, would help provide the necessary incentive for key personnel to participate in the Company's future growth.