Exhibit
99.1
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Company:
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Media/Investors:
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Robert
Farrell
|
Jonathan
Fassberg
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Executive
Vice President & CFO
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The
Trout Group
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212-477-9077
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212-477-9077
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FOR
IMMEDIATE RELEASE
TITAN
ANNOUNCES $35 MILLION EQUITY AGREEMENT
South
San Francisco, CA - September 29, 2005 - Titan
Pharmaceuticals, Inc. (AMEX: TTP) announced today that it has entered into
an
equity line of credit agreement with Cornell Capital Partners, LP. Under
the
agreement, Cornell has agreed to provide up to $35 million of funding that
can
be accessed at the Company’s discretion over a 24-month period through issuance
of common stock of the Company. Any sale of common shares to Cornell will
be
based on a five day weighted average market price at the time of the
transaction, and Cornell will receive a five percent fee on the value of
such
stock purchase. Proceeds received by the Company will be used for product
development activities, as well as for general corporate purposes.
Any
sale
of common stock under the agreement will occur pursuant to the effectiveness
of
a registration statement, which the Company plans to file with the Securities
and Exchange Commission prior to selling any shares of common stock that
it may
sell under the agreement.
“We
are
pleased to enter into this agreement,” stated Dr. Louis R. Bucalo, Chairman,
President and CEO. “This funding structure provides the flexibility to access
additional equity capital at selected times when additional capital or liquidity
is desirable.”
About
Titan Pharmaceuticals
Titan
Pharmaceuticals, Inc. (AMEX: TTP) is a biopharmaceutical company focused
on the
development and commercialization of novel treatments for central nervous
system
disorders, cardiovascular disease, bone disease and other disorders. Titan's
products in development utilize novel technologies that have the potential
to
significantly improve the treatment of these diseases. Titan also establishes
partnerships with government institutions and other leading pharmaceutical
development companies. For more information, please visit the Company’s website
at www.titanpharm.com
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.
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