TITAN ANNOUNCES $35 MILLION EQUITY AGREEMENT

Titan Pharmaceuticals, Inc. 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.

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