Titan Pharmaceuticals Raises $5.5M Via Equity

Titan Pharmaceuticals Inc TTNP has announced a private placement of 3.37 million shares and 1.29 million pre-funded warrants.

  • In addition, the Company has agreed to issue to the investor unregistered warrants to purchase up to an aggregate of 4.67 million shares.
  • The combined offering price of each share or pre-funded warrant and each warrant will be $1.18
  • The warrants will be immediately exercisable, will expire on the five-year and six-month anniversary of the issuance date, and will have an exercise price of $1.14 per share.
  • The aggregate gross proceeds to the Company are expected to be approximately $5.5 million. 
  • The offerings are expected to close by February 4.
  • Maxim Group LLC is acting as the exclusive placement agent in connection with the offerings.
  • Titan Pharmaceuticals commenced exploring and evaluating strategic alternatives in December and engaged Maxim Group as its exclusive financial advisor.
  • Price Action: TTNP shares are down 6.14% at $1.07 during the market session on the last check Wednesday.

Posted In: Briefswhy it's movingBiotechNewsPenny StocksHealth CareFinancingOfferingsMoversTrading IdeasGeneral

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.