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Highline Research Advisors Initiates On Titan Pharmaceuticals (TTP) With A Buy Rating



7/7/2014 11:04:25 AM

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SAN FRANCISCO - July 7, 2014 -Michael Higgins from Highline Research Advisors, part of Financial Entrepreneur Platform at Merriman Capital, Inc. ("Merriman"), a wholly owned subsidiary of Merriman Holdings, Inc. (OTCQX: MERR), announced today that it has initiated equity research coverage of Titan Pharmaceuticals, Inc. (OTCQB: TTNP) with a Buy rating and a $3.00 price target.

Titan Pharmaceuticals, Inc. is a South San Francisco based specialty pharmaceutical company actively developing Probuphine as its lead program. Probuphine is comprised of four implants, each containing 80mg of buprenorphine (BUP) for the treatment of opioid addiction. Probuphine is comprised of a polymer and BUP, which is continuously released in a linear fashion over a six month period before being removed from below the skin of an upper, inside arm. The company has met all of the co-primary endpoints from four Phase 3 trials and 13 of 14 secondary endpoints with adverse events comparable to placebo pills and placebo rods. There were no adverse cardiovascular or renal signals, with no serious adverse events. Titan filed for regulatory approval in the United States in October of 2012 and under Priority Review was issued a Complete Response Letter in April of 2013, despite the recommendations of an FDA Advisory Panel the prior month (see Exhibit 1). Titan reached a development and marketing agreement for the North American market with Braeburn Pharmaceuticals, which is a privately held company that was founded in 2012 by a private venture capital firm, Apple Tree Partners. Braeburn owns ~11% of Titan's equity and is obligated to pay for the fifth Phase 3 trial, all marketing costs and clinical costs for a chronic pain indication.

FOR FULL REPORT AND IMPORTANT DISCLOSURES PLEASE CONTACT Michael Higgins at mhiggins@highlineresearchadvisors or (917) 903-5254 and/ or Adriana Piltz at apiltz@merrimanco.com or (646) 292-1424.

About Highline Research Advisors

Highline Research Advisors, is an institutional investment banking group providing premium services to leading companies in the healthcare sector. We offer the full spectrum of investment banking services, including financings, equity research, M&A and advisory services to clients across the full range of market capitalizations, from start-ups to Big Pharma companies. Our focus is on providing differentiated, high value added services to companies led by high quality management teams.

About Merriman Capital, Inc.

Merriman Capital, Inc. is a full service investment bank and Broker-Dealer that facilitates efficient capital formation through a proprietary digital network, and offers Capital Markets Advisory and comprehensive Corporate Brokerage services for public and private companies. The firm also provides equity and options execution services for sophisticated investors and differentiated research for high growth companies. Merriman Capital, Inc. is a wholly owned brokerage subsidiary of Merriman Holdings, Inc. (OTCQX: MERR) and is a leading advisory firm for publicly traded, high-growth companies.

Digital Capital Network, powered by Merriman Capital, is a capital marketplace that enables highly targeted and more efficient execution of transactions. Please visit our website for more information on how you can be a part of our Digital Capital Network: http://www.digitalcapitalnetwork.com.

Merriman Capital, Inc. is a registered broker-dealer and member of The Financial Industry Regulatory Authority (FINRA) http://www.finra.org/ and the Securities Investor Protection Corporation (SIPC) http://www.sipc.org/.

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