SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Titan Pharmaceuticals, Inc. (AMEX: TTP) today announced that it has obtained commitments to purchase shares of its common stock for gross proceeds of approximately $21.3 million. Under the terms of the transaction, Titan will sell 13.3 million shares of its common stock at $1.60 per share to select institutional investors. The investors will also receive warrants to purchase 6.65 million additional shares of its common stock at an exercise price of $2.00 per share. The closing will occur upon the receipt of approval of listing of the new shares, and satisfaction of other customary closing conditions.
