Titan Pharmaceuticals -3% on pricing of $9.7M direct offering

• Titan Pharmaceuticals (TTNP -2.9%) enters into a securities purchase agreement to purchase ~$9.7M of its common stock and warrants in a registered direct offering.
• The combined purchase price for one share of common stock and each warrant will be $3.55.
• Under the terms, it has agreed to sell ~2.73M shares of its common stock and warrants to purchase up to an aggregate of ~2.73M shares of common stock.
• Net proceeds from the registered direct offering and concurrent private placement to be ~$8.9M.
• Closing date on or about Jan. 20, 2021.