Titan Pharmaceuticals Inc (TTNP)

[Doctor Detroit]

Don't mean to be a chicken little, but I really don't believe there is some partner that is going to come in to save the day in February. Rights will not be returned that quickly in my opinion.

On the Loan Agreement, here is my thinking:

Titan had $11.6 million in cash at end of third quarter (September 30). Assuming a $3.5 million burn rate per quarter (which is conservative), that means they are spending around $1.16 million per month, which would mean they spent $4.64 million in operations between September 30 2017 and January 31, 2017). That leaves you with roughly $7 million. Subtract from that the $3.0 million loan prepayment and you have $4.00 million on January 31st. They will spend another $2.32 million in the remainder of the 1st quarter...leaving them only $1.68 million in cash on March 31, 2018.

The lender is forcing an equity raise to make sure Titan does not go bankrupt. While it is possible a White Knight comes in and makes all Titan's troubles to away, I don't think it's likely, and Titan is in no position to negotiate a good deal with such little cash in the bank.