By LLuvia Mares
New York, Dec. 18 - Titan Pharmaceuticals, Inc. said it plans to raise a $21.3 million private placement of stock.
The company will sell 13.3 million shares at $1.60 per share and warrants to buy 6.65 million additional shares at an exercise price of $2.00 per share to a group of institutional investors. The warrants expire after five years.
Canaccord Adams Inc. and Rodman & Renshaw, LLC are the placement agents in the transaction.
San Francisco-based Titan is a biopharmaceutical company focused on the developing treatments for central nervous system disorders, cardiovascular disease, bone disease and other disorders.
Proceeds from the placement will be used for research and product development activities as well as for general corporate uses.
Issuer: Titan Pharmaceuticals, Inc.
Issue: Stock
| Amount: | $21.3 million
|
| Shares: | 13.3 million
|
| Price: | $1.60
|
| Warrants: | For 6.65 million shares
|
| Warrant strike price: | $2.00
|
| Warrant expiration: | 5 years
|
| Placement agents: | Canaccord Adams Inc. and Rodman & Renshaw, LLC
|
| Announcement date: | Dec. 18
|
| Stock symbol: | Amex: TTP
|
| Stock closing price: | $1.60 at close Dec. 17
|
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