Titan Pharmaceuticals to raise $5.5M in stock and pre-funded warrant offering

• Titan Pharmaceuticals (NASDAQ:TTNP) trades 3.9% lower premarket after it entered into a securities purchase agreement with a single institutional investor to purchase 3.37M shares in a registered direct offering priced at-the-market.
• In a concurrent private placement, Titan has also agreed to issue and sell to the investor 1.29M pre-funded warrants, at the same purchase price as in the registered direct offering.
• It has also agreed to issue to the investor in a concurrent private placement unregistered warrants to purchase up to 4.66M shares.
• The combined offering price of each share or pre-funded warrant and each warrant will be $1.18.
• Warrants will be immediately exercisable, will expire on the 5-year and six month anniversary of the issuance date and will have an exercise price of $1.14/share.
• Gross proceeds of both offerings is expected to be ~$5.5M.
• The offerings are expected to close on or about Feb.4.