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$TTNP - Titan Pharmaceuticals Shares Down 52% on Public Offering TTNP

11:00 AM ET 10/16/19 | Dow Jones


By Chris Wack

Shares of Titan Pharmaceuticals Inc. (TTNP) dropped 52%, to 18 cents, after the company said a public offering priced Wednesday.

The commercial-stage therapeutics company said an underwritten public offering of 40 million units priced to the public at 22.5 cents a unit.

Titan said each unit issued in the offering consists of one share of common stock and one Class B Warrant to purchase one share of common stock.

The company said gross proceeds are expected to be $9 million.

The Class B Warrants will be immediately exercisable at a price of 22.5 a share of common stock and will expire five years from the date of issuance.

The offering is expected to close on or about Oct. 18.

Write to Chris Wack at [e-mail]

> Dow Jones Newswires

October 16, 2019 11:00 ET (15:00 GMT)

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