share sale dropps it to $0.83.
"Titan Pharm to raise $5.5 mln in registered direct offering to institutional investors (TTNP.OB) 1.05 -0.05 : Co will issue an aggregate of 6,517,648 shares of common stock to the institutional investors together with warrants to purchase an additional 13,035,296 shares of common stock. Each investor will receive one share of common stock, a series A warrant to purchase one share of common stock and a series B warrant to purchase one share of common stock for a purchase price of $0.85. The series A warrants have an exercise price of $1.15 per share and are exercisable commencing six months after the date of issuance through the six year anniversary of the issuance date. The series B warrants have an exercise price of $0.85 and are exercisable for six months commencing on the date of issuance. The co intends to use the net proceeds from the offering to fund the preparation of a New Drug Application for Probuphine and for working capital and general corporate purposes. Rodman & Renshaw, a wholly-owned subsidiary of Rodman & Renshaw Capital Group, acted as the exclusive placement agent for the offering." briefing
