SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act 1934
Date of Report: July 17, 1997
Titan Pharmaceuticals, Inc.
(Exact name of registrant as specified in charter)
Delaware
(State or other jurisdiction of incorporation)
0-27436 94-3171940
(Commission File Number) (IRS Employer Identification No.)
400 Oyster Point Blvd., Suite 505, South San Francisco, California 94080
(Address of principal executive offices) (Zip Code)
Registrant's telephone no. including area code: (415) 244-4990
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Item 5. Other Events
On July 16, 1997, the Registrant entered into a sublicense agreement with
its affiliate, Ansan Pharmaceuticals, Inc. ("Ansan"), pursuant to which it
acquired an exclusive worldwide license to Ansan's butyrate compounds for
anti-cancer and certain other indications in exchange for the Registrant's
payment of a 2% royalty on net sales and the Registrant's transfer to Ansan of
all of its equity holdings in Ansan. The sublicense includes the anti-cancer
agent Pivanex, currently in Phase I testing for solid tumors.
The sublicense is a component of an Agreement and Plan of Reorganization
and Merger between Ansan and Discovery Laboratories, Inc. ("Discovery"), a
privately-held development stage biotechnology company, pursuant to which
Discovery will be merged with and into Ansan (the "Merger"). The closing of the
Merger, which is expected to occur in November 1997, is subject to customary
closing conditions, including approval by the stockholders of Ansan and
Discovery. Upon completion of the Merger, Ansan will repay approximately
$1,200,000 of outstanding indebtedness to the Registrant. The sublicense is
subject to consummation of the Merger.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TITAN PHARMACEUTICALS, INC.
By: /s/ Louis R. Bucalo
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Louis R. Bucalo, M.D.
President and Chief Executive Officer
Dated: July 17, 1997
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