TITAN PHARMACEUTICALS TO RAISE $10 MILLION IN REGISTERED DIRECT OFFERING OF COMMON STOCK

Titan Pharmaceuticals, Inc. today announced that it has obtained commitments to purchase shares of its common stock in a registered direct offering for gross proceeds of approximately $10 million. Under the terms of the transaction, Titan will sell approximately 3,077,000 shares of its common stock at $3.25 per share to select institutional investors. The closing of the offering is expected to take place on March 20, 2006, subject to the satisfaction of customary closing conditions.

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