By Sheri Kasprzak
New York, Sept. 30 - Titan Pharmaceuticals, Inc. revealed the specifics of its previously announced $35 million standby equity distribution agreement with Cornell Capital Partners, LP.
Under the terms of the two-year agreement, Cornell may buy shares of Titan at the lowest daily volume weighted average price of Titan's stock for the five trading days after notice of a draw.
Titan may draw upon the facility in $2 million increments.
Proceeds will be used for product development and general corporate purposes.
Based in South San Francisco, Titan is a biopharmaceutical company focused on treatments for central nervous system disorders, cardiovascular disease and other disorders.
| Issuer: | Titan Pharmaceuticals, Inc.
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| Issue: | Standby equity distribution agreement
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| Amount: | $35 million
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| Price: | The lowest daily volume weighted average price for the five trading days after notice of a draw
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| Tenor: | Two years
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| Investor: | Cornell Capital Partners, LP
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| Settlement date: | Sept. 28
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| Stock price: | $1.77 at close Sept. 28
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