Titan Pharmaceuticals (TTP) Announces Separation Agreements with CEO and COO; Company to Delist From AMEX

December 15, 2008 8:37 AM EST

Titan Pharmaceuticals, Inc. (AMEX: TTP) announced that further reductions in its workforce had been made as part of its previously announced plan to reduce expenses and operations to the minimal level necessary to enable the Company to continue its efforts to realize value for its remaining assets, particularly the Probuphine program. As part of the reduction plan, Marc Rubin, President and Chief Executive Officer, and Sunil Bhonsle, Chief Operating Officer, have entered into separation agreements pursuant to which they have ended their employment relationships with the Company but have agreed to assist the Company during the next six months, as needed, in connection with the aforementioned efforts. Robert Farrell, Chief Financial Officer, will assume the role of President pursuant to a retention agreement he has entered into with the Company.

In furtherance of the Company's previously announced decision to delist and deregister its common stock, the Company today filed with the Securities and Exchange Commission a Form 25 to voluntarily delist from the American Stock Exchange and a Form 15 to voluntarily suspend its reporting obligations under the Securities Exchange Act of 1934, as amended. The Company's common stock will continue to be eligible for public trading on the Pink OTC Markets (www.pinksheets.com) quotations system. [SM]

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