Roth will help raise funds for clinical development, working capital
By Devika Patel
Knoxville, Tenn., Oct. 3 – Titan Pharmaceuticals, Inc. said it priced a $10.5 million public sale of units. The offering was announced on Aug. 29.
The company will sell 21 million units of one common share and 0.75 of a warrant at $0.50 per unit, with each whole warrant exercisable at $0.60 for five years. The strike price is a 9.09% premium to the Oct. 2 closing share price of $0.55.
Roth Capital Partners is the bookrunning manager.
Settlement is expected Oct. 8.
Proceeds will be used for clinical development, working capital and general corporate purposes.
South San Francisco, Calif.-based Titan is a biopharmaceutical company focused on developing treatments for central nervous system disorders, cardiovascular disease, bone disease and other disorders.
| Issuer: | Titan Pharmaceuticals, Inc.
|
| Issue: | Units of one common share and 0.75 of a warrant
|
| Amount: | $10.5 million
|
| Units: | 21 million
|
| Price: | $0.50
|
| Warrants: | 0.75 of a warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.60
|
| Bookrunner: | Roth Capital Partners
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| Announcement date: | Aug. 29
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| Pricing date: | Oct. 3
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| Settlement date: | Oct. 8
|
| Stock symbol: | OTCBB: TTNP
|
| Stock price: | $0.55 at close Oct. 2
|
| Market capitalization: | $45.39 million
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