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Exhibit 20.1
TITAN PHARMACEUTICALS INC.
COMPANY: INVESTORS AND MEDIA:
Louis R. Bucalo, M.D. Sarah O'Connell
Chairman, President & CEO Account Executive
Titan Pharmaceuticals, Inc. Ruder Finn, Inc.
Tel: 650-244-4990 Tel: 212-583-2724
FOR IMMEDIATE RELEASE
TITAN ANNOUNCES $43.8 MILLION PRIVATE PLACEMENT
South San Francisco, CA - November 16, 2000 - Titan
Pharmaceuticals, Inc. (AMEX: TTP) today announced that it has entered into
definitive purchase agreements for the sale of 1.2 million shares of newly
issued common stock to selected institutional investors for $43.8 million.
The purchase price is $36.50 per share. Following completion of this
private placement, the Company will have approximately 27.2 million shares
outstanding. The Company expects to file a registration statement on Form
S-3 within 15 days after closing of the transaction for purposes of
registering the shares of common stock issued in the private placement.
Titan may use the net proceeds of the offering to advance
additional product indications in Phase III human testing, to acquire or
in-license additional technologies or products, and for working capital
and other general corporate purposes.
This press release does not constitute an offer to sell or
the solicitation of an offer to buy any security. The shares have not been
registered under the Securities Act of 1933 or applicable state securities
laws and may not be offered or sold in the United States absent
registration under the Securities Act and applicable state securities laws
or an applicable exemption from the registration requirements.
Titan Pharmaceuticals, Inc. is a biopharmaceutical
company developing proprietary therapeutics for the treatment of central
nervous system disorders, cancer, and other serious and life threatening
diseases.
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The press release may contain "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such statements include, but are not limited to, any
statements relating to the Company's development program and any other
statements that are not historical facts. Such statements involve risks and
uncertainties, including, but not limited to, those risks and uncertainties
relating to difficulties or delays in development, testing, regulatory approval,
production and marketing of the Company's drug candidates, unexpected adverse
side effects or inadequate therapeutic efficacy of the Company's drug candidates
that could slow or prevent product development or commercialization, the
uncertainty of patent protection for the Company's intellectual property or
trade secrets and the Company's ability to obtain additional financing if
necessary. Such statements are based on management's current expectations, but
actual results may differ materially due to various factors, including those
risks and uncertainties mentioned or referred to in this press release.
