Titan Pharmaceuticals, Inc. (AMEX: TTP) today announced that it has obtained commitments to purchase shares of its common stock for gross proceeds of approximately $21.3 million. Under the terms of the transaction, Titan will sell 13.3 million shares of its common stock at $1.60 per share to select institutional investors. The investors will also receive warrants to purchase 6.65 million additional shares of its common stock at an exercise price of $2.00 per share. The closing will occur upon the receipt of approval of listing of the new shares, and satisfaction of other customary closing conditions.

Canaccord Adams Inc. and Rodman & Renshaw, LLC acted as placement agents for the transaction.

The shares of common stock and warrants to be sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (SEC) or an applicable exemption from the registration requirements. Titan has agreed to file a registration statement with the SEC covering the resale of the shares of common stock, and shares of common stock underlying the warrants, issued in the private placement.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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.