<SEC-DOCUMENT>0001193125-13-192792.txt : 20130501
<SEC-HEADER>0001193125-13-192792.hdr.sgml : 20130501
<ACCEPTANCE-DATETIME>20130501170735
ACCESSION NUMBER:		0001193125-13-192792
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20130430
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130501
DATE AS OF CHANGE:		20130501

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TITAN PHARMACEUTICALS INC
		CENTRAL INDEX KEY:			0000910267
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				943171940
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-27436
		FILM NUMBER:		13804151

	BUSINESS ADDRESS:	
		STREET 1:		400 OYSTER POINT BLVD
		STREET 2:		SUITE 505
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94080
		BUSINESS PHONE:		4152444990

	MAIL ADDRESS:	
		STREET 1:		400 OYSTER POINT BLVD
		STREET 2:		SUITE 505
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94080
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d529009d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE
COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>WASHINGTON, D.C. 20549 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 8-K </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>CURRENT
REPORT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Section 13 or 15(d) of </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>the Securities Exchange Act 1934 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Date of Report (Date of earliest event
reported): April 30, 2013 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>Titan Pharmaceuticals, Inc. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact name of registrant as specified in charter) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Delaware
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or other jurisdiction of incorporation) </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Delaware</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>0-27436</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>94-3171940</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or Other Jurisdiction of Incorporation)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Commission File Number)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(IRS Employer Identification No.)</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>400 Oyster Point Blvd., Suite 505, South San Francisco, CA</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>94080</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of Principal Executive Offices)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Registrant&#146;s telephone number, including area code: 650-244-4990 </B></FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Former Name or Former Address, is Changed Since Last Report) </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of registrant under any of the following provisions: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;8.01.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Other Events. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>FDA Action
</U></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">On April 30, 2013, Titan Pharmaceuticals, Inc. (&#147;Titan&#148; or the &#147;Company&#148;) announced that the
U.S. Food and Drug Administration has issued a Complete Response Letter (&#147;CRL&#148;) with respect to the Company&#146;s New Drug Application for Probuphine<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT> for the maintenance treatment of adult patients with opioid dependence. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The CRL states that the FDA cannot approve the application in its present form. The FDA has requested additional data supporting the efficacy of Probuphine, including: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The ability of Probuphine to provide opioid blockade of relevant doses of agonists </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The effect of higher doses of Probuphine, ideally doses more closely approximating the blood plasma levels associated with sublingual doses of
buprenorphine of 12 to 16 mg / day </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Human factors testing of the training associated with Probuphine&#146;s insertion and removal </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The CRL also included recommendations regarding product labeling and the implementation of the Risk Evaluation and Mitigation Strategy (REMS).
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The press release dated April 30, 2013 is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Director Resignation </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hubert
Huckel, a member of Titan&#146;s board of directors since 1995, notified the Company that he was resigning from his board position effective May 1, 2013 for personal reasons. </FONT></P>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9.01.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Financial Statements and Exhibits </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(d)
Exhibits </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press release dated April 30, 2013.</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>SIGNATURES </U></B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">TITAN PHARMACEUTICALS, INC.</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Sunil Bhonsle</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name: Sunil Bhonsle</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title: President</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dated: May 1, 2013 </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit Index </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:37pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">Exhibit&nbsp;No.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:37pt"><FONT STYLE="font-family:Times New Roman" SIZE="1">Description</FONT></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press release dated April 30, 2013.</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d529009dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 99.1 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g529009g16f85.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>FOR IMMEDIATE RELEASE </I></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>TITAN PHARMACEUTICALS RECEIVES COMPLETE RESPONSE LETTER FROM </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THE FDA FOR
PROBUPHINE NEW DRUG APPLICATION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SOUTH SAN FRANCISCO, C</B><B>A</B><B>, </B><B>April 30</B><B>, 2013</B><B> &#150;
</B>Titan Pharmaceuticals, Inc. (OTCBB: TTNP) announced that the U.S. Food and Drug Administration (FDA) has issued this evening a Complete Response Letter (CRL) to its New Drug Application (NDA) for Probuphine<FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT>, the company&#146;s investigational subdermal implant for the maintenance treatment of opioid dependence in adult
patients. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Titan and our partner, Braeburn Pharmaceuticals, are extremely surprised and disappointed with the FDA&#146;s response.
Probuphine is a diversion-resistant formulation that is consistent with the recently-issued FDA guidance supporting diversion- and abuse-resistant products, and the NDA was designated Priority Review by the FDA. We believe Probuphine has
demonstrated both safety and efficacy in accordance with primary endpoints that were pre-agreed with the FDA and, moreover, the safety, efficacy and overall approval of Probuphine was strongly supported by the Psychopharmacologic Drugs Advisory
Committee,&#148; said Marc Rubin, M.D., executive chairman of Titan Pharmaceuticals. &#147;Given the nationally-recognized, growing and devastating opioid dependence epidemic, there is critical need for new safe and effective treatments that reduce
the likelihood of abuse, diversion and accidental pediatric exposure, and Titan and Braeburn remain committed to making Probuphine available for patients that need it.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The CRL states that the FDA cannot approve the application in its present form. The FDA has requested additional data supporting the efficacy of Probuphine, including: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The ability of Probuphine to provide opioid blockade of relevant doses of agonists </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The effect of higher doses of Probuphine, ideally doses more closely approximating the blood plasma levels associated with sublingual doses of
buprenorphine of 12 to 16 mg / day </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Human factors testing of the training associated with Probuphine&#146;s insertion and removal </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The CRL also included recommendations regarding product labeling and the implementation of the Risk Evaluation and Mitigation Strategy (REMS).
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Titan and Braeburn Pharmaceuticals, which has licensed the commercialization rights for Probuphine in the U.S. and Canada, are committed to
addressing the concerns raised by the&nbsp;FDA&nbsp;in the CRL. Titan will discuss with the FDA the scope of the CRL comments to obtain clarification and determine next steps. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>About Opioid Dependence </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">According to recent estimates, there are 2.2 million people with opioid dependence in the U.S. Approximately 20 percent of this population is addicted to illicit opioids, such as heroin, and the other 80
percent to prescription opioids, such as oxycodone, hydrocodone, methadone, hydromorphone and codeine. Before the year 2000, medication-assisted therapies for opioid dependence had been sanctioned to a limited number of facilities in the U.S. The
Drug Addiction Treatment Act of 2000 (DATA 2000) allowed medical office-based treatment of opioid dependence and greatly expanded patient access to medication-assisted treatments. As a result, an estimated 1.2 million people in the U.S. sought
treatment for opioid dependence in 2011. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>About Probuphine </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Probuphine is an investigational subdermal implant designed to deliver continuous and persistent, around the clock blood levels of buprenorphine for six months following a single treatment, and to
simplify patient compliance and retention. Buprenorphine, an approved agent for the treatment of opioid dependence, is currently available in the form of daily dosed sublingual tablets and film formulations, with reported 2011 sales of $1.3 billion
in the United States. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">Probuphine was developed using ProNeura<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#153;</SUP></FONT>, Titan&#146;s continuous drug delivery system that consists of a small, solid implant made from a mixture of ethylene-vinyl acetate (EVA) and a drug substance. The
resulting construct is a solid matrix that is placed subdermally, normally in the upper arm in a simple office procedure, and removed in a similar manner at the end of the treatment period. The drug substance is released slowly and continuously
through the process of dissolution resulting in a steady rate of release. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The efficacy and safety of Probuphine has been studied in several
clinical trials, including a 163-patient, placebo-controlled study over a 24-week period (published in the <I>Journal of the American Medical Association (JAMA</I>)), and a confirmatory study of 287 patients designed to evaluate efficacy versus
placebo, and non-inferiority with a currently marketed sublingual formulation of buprenorphine. Results of the confirmatory study were announced in July 2011.</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>About Titan Pharmaceuticals </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">For information concerning Titan Pharmaceuticals, Inc., please
visit the company&#146;s website at www.titanpharm.com. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Safe Harbor Statement </I></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>The press release may contain &#147;forward-looking statements&#148; 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 our product development programs and any other statements that are not historical facts. Such statements involve risks and uncertainties
that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from management&#146;s current expectations include those risks and uncertainties
relating to the regulatory approval process, the development, testing, production and marketing of our drug candidates, patent and intellectual property matters and strategic agreements and relationships. We expressly disclaim any obligation or
undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except
as required by law. </I></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CONTACT: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Titan Pharmaceuticals, Inc. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Investors: </I></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sunil Bhonsle, President </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">650-244-4990
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Media: </I></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Susan Heins, Pure
Communications </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">864-286-9597 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>sjheins@purecommunicationsinc.com </U></FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g529009g16f85.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g529009g16f85.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`2`!.`P$1``(1`0,1`?_$`,8```("`@,!`0``````
M```````'"@L("00%!@(#`0$``0,%`0``````````````!0(&"0$#!`<*"!``
M``8!`@,#!0D-"0```````0(#!`4&!P`($1()(1,4,1>W.'A!%;46-G:V5YA1
M8=$B,I)3UG?7&3D*H7*R(]66-QA9$0`!`P(#!`4"$0D)```````!`@,$`!$A
M!08Q$@<(05%Q,A-A(H&QP4)2DN)CL],4-'05-54)T6)RLB,SE189\)&"4W.4
M5A<8_]H`#`,!``(1`Q$`/P"6I_&,Z4G_`*+;-?M"8T_6'2E'\8SI2?\`HMLU
M^T)C3]8=*5X?)W5RZ6MCQKD*O1'4/V:.9:>H]LAHML.XC&*(.)&4@)!BR0%9
M6Q%22!5RN4O,80*7CQ$>&JDD!0)V7J3R60S#SF)+D'=CM26EJ-B;)2M*E&PQ
M-@#@,:KRB8M9D33*.=]GXB5-,!X;T=JO`!`@`(=N7@[0$-68G(<QMCX7M_<U
MZ(4?B$\JS;:$'/I1(0D&V73MH`!&+`KZ\U[+Z]MH'VT-JO[WM5?4.8>\^W]S
M57]0SE5^_9?\.F_$T>:]E]>VT#[:&U7][VGU#F'O/M_<T_J&<JOW[+_ATWXF
MCS7LOKVV@?;0VJ_O>T^H<P]Y]O[FG]0SE5^_9?\`#IOQ->EINWRQY%M,#1<?
MY-VP7B[VN3;PE5IU3W=;8IZSV6:>&$C*'@86-RPX?RLH\4#E101(910_`"@(
MB`:T.19C<`!HW-N_L[;@85N-?B$<JSKB6QGTD*4H`7R^<!<FPQ\##;2),42&
M,4W`!((E-VAP`2B(#V^3@'#RZB%>:2%8$$@^2VVOM!A]J2PB2PH*8<0E:5;`
M4J`4#C8@$$''T:WVXNZ2]KA^DON8WLY"HTU,Y8MM*H,[@"AI1ZZDQ3,31F7L
M?3U^RX^C?Q7!92Q8\C)%=L7EYFM9*LMP,9]R)3366.)RUU]:;R5`%(OB$@@G
M_$1B0<;@)`!O?&]JOG'R7,^;W2_"W),P0QP[RV;+9S&3<!N5/=@2X\=@*_R6
M)3K2";V5((-@&@50%^[3_1D_-+^#5VU@6H[M/]&3\TOX-*4=VG^C)^:7\&E*
M86)<4V_-^4,?X=QS%L96^Y/MT%1J=&OY*,@F+VQ6-^C'1;=[-3#AG%1+0[E<
MO>.'*J:").)CF`H".M"0!<[!6XTTX^ZEAE)4\M02E(VJ4H@)`\I)`'E-9R?P
MI]R0AQ"[;0Q#[H;PMO9@'[X"6[#Q#L\ODUL&9$3M=;VV[R=O9>]=UIY9^898
MWDZ*U(4D7N(3MK=>S97'2Z6>XA<QDV]_V=N%"!Q.FAO(V[*'(''AQ.4MY$2A
MQ[.W1<N*W;Q'$)OLN0/3KBQN7;CQ,<4U#TCGKSJ!=241E+*1LQ"22,>NN2'2
MFW)B''X[;0P^\.\/;UQ^F^M4RHJA<.M6_32/3-<O_P`S<P__``G4G^R=_)69
M73OV&94V[[Z=J.<\J9+VG06-\3YOH]ZN\RPW68.GGD=7("3(\DG36%@[<]F)
M5PD@01(W;(JK*GX%*41'5)F0TG%UJX_/3ZAK=8Y9^882&R=%:C`\1.)AN`#S
MATD6%;Y>B?TOUM[F9%\T9=A5E-L&'+(@K,-W:1RL\NWYH*<FPQZU5XE*YKL8
M4Z#RP')S`9LHBS#@+HYT;=RV`)DE<Q=OD@=64CV1WK[#ZT`^BK"_FD'+QSK\
MT;W!KA_%X8:2?">*&:9<VEY:2"N!&+80XX;7L^Z0I#/L;*<]:D*G]^!9>"][
M/!M?>[PO@?>_PZ7@O!=UW'@_"\G<>%[C\3N^7DY/Q>'#LU=5A:W16!;QG?%\
M?>5X^]O;USO;U[[U]M[XWVWQJG,LG]//UFJA79^VV38M>8NNU>$E;'/R:N0\
M)+)QT+",%Y.5?J(M<FKNEB-&+5102)$.H8"\"E$1`!JM6W7:-OZ<WK7.V[=V
MWV%7U1NZ02<(*><7!I.\173*JD?D/E`IR<Q#`/`0`0]T..EC2NDMW]/AUDZ'
M4[/>;=L:O$+5*979NV6>86R%A-PC$UZN1KF8FI-5NRR6Y>+IL(UFJJ)$4U%3
M@3@0IC"`"M2L2NF<(&ZA6RL0[0'<CBH0'[H#9F8AJA?</94KD7V]`^G1_AD5
MLTP72V.<MQ5?Q-.O7#*DQ#"-F;@W;K*-5;`>24-X*'4<I"1PG'$;(B=8I#!W
MHF`IAY0$HP640FO.E+`+A6JV&RRB,/+<$W[!UUE[_$1YF-;:5S>%P5T)-D9:
MPO+&I.8OLJ*'G0^/V3"'192&]Q)4YN&ZR0+@`BK!/!^P'II2NU5.AW'`&$W,
M:[@E`F)M2L0C"Y,E1:#W,I`7!DW0L,)+M#")T7+5PDJ"@<PB(#VSKJ$/`I=&
M\"+&^.'5C6*;2W$K7^B\];U+IG.,QBYRTXE8<3(=.\I)N/$2I12Z+[4N!0/2
M*@$94K$=0<NY<QQ$RAIN.QSDFTTV/ESB7O9.)C7O>P;]QW92I@[=0CIN9;E`
M""L)A*`!P#5E9G`1!DAM&+2DA2>DC$@@]A!\MK5Z4.5GC1)X\<&<NUUF*6V\
M_P!Y<:8ENX1\I8L%J2#?=2X"%A-S:^VLC-BNS+)6^[<14<%8\378LWARS>1+
ML+8SB-QWCU@Y0)/6E_Q`$5'8%6*UC6IC%\;)+HI<2D%0Y./#A+G/>"W9(`N3
MU#\IZ/1/14CS%<=\@Y?^&\K66;*0[FZ@6H,4JLJ3)4#N)`Q.XCONJL=U"3M-
M@;+W`>"L;;:,/T/!V)(%*O4+'D$VA(5D7D.[=G)S+2,W,.BD3-(S\_)+*O7[
MHP`=P[74./#FX!?C;;;2`VTD);&P#8/[?WUYD=;:SU%Q#U7.UGJN0J3G^8/J
M==6>L[$I'K4(2`A"1@E"0.BG!JNK5I![K/5=W)?L#S#Z/+%I2FU4/DG5_F["
M?!K;2E(?>MZFV[7V9<\^BRU:4JF>Z9/\P;91[1N*?I&RU2ON'L-2N1?;T#Z=
M'^&168(W2UX#R_&YJ@6$C+5Y[&1T;:"1I%'3J&7BE#&:R*C5,#J&CUFZHE.8
MI1!,Y0X]@ZALIF-J08RB`ZE2K>4;Q.'9?'IZ:RO?B-<O.M<UU'#XV:2AR<QR
M1>6-1YZ&4J=<BJ8!\-XMINOP5H592D@A"DXV!O6SU?KAO2X]&I4Z0EIZ<=LP
MCV4'#D=N7BSA4@HIMS)I%4,B4%.P1.8I2!Y?=U-%:4BZB`*Q3Y#IG4>J<V:R
M+34"7/SEYP-H98:6XX5J.Z`4I!W<<"56"<22`#6"^.:YD3(5A!%Y'N;#E3+-
MU6E',/%@9ZNO8;*Y0;,(=L8A1YR,&R:2:BH_Y9`(=0PE(`B%FSW59A/#4;SK
MD)3U7Z3Y$C;?J!->D#EPX>Q>5CEQ:B\0)#,>5%0_F.9.;P+;3CEEJ;"AWO"0
ME+=Q>Z[D859:]+;IY5#I[;=XVG&2C)C-5Y3867-]Z:D*J,K9Q;<&]5A7JB9'
M`4REIK':L$Q`@+JF7=F(55TH`7+`@H@M>&"%.'O*`MO>K;JZA6#'F;YA,_YA
M^(CVHYA6SI>*5-9=%)P9CA6"U#87WL%NJQL;(!*4"MF&N=7SE1I2D'NL]5W<
ME^P/,/H\L6E*;50^2=7^;L)\&MM*4A]ZWJ;;M?9ESSZ++5I2J9WID_S!MD_M
M&XH^DC+5*^X>RI7(OMZ!].C_``R*V,E_(+]\A0$/<$!*'$!#W0'77B\'%$;=
M\^F:]>D?YLV#L+2?U17'29L6RAET&;)LJ8H@=9!JW04$O'F,!U$TR&$O'M'B
M.BG7"DA:E%&TW)M7&CY7E4)XRH<6*Q(*;%:&FVU$;3=24@VZ3<^6IE71HZ72
MN%MO5[WMYWK@M\M9`Q5:@PC5IAKRN\<X[G*X[!6Z/&CE,#L;G?H];@W[`580
MIP+Q*H\733NK*<L,8"3(^<J&SV`ZCY3M/5@-HO6"[G]YJE\1\_=X.Z'?(T-E
M<@B8ZA6$Z4VJQ1=)LJ/'4,!<AQT;Q%D))E@ZFZQH4:4HTI2#W6>J[N2_8'F'
MT>6+2E-JH?).K_-V$^#6VE*0^];U-MVOLRYY]%EJTI5,[TR?Y@VR?VC<4?21
MEJE?</94KD7V]`^G1_AD5L9+^27^Z7_"&NO%_O%?I'TS7KTC?-F_]-/ZHJ0!
MT+^E^;=]E8FXC,U?46VV8;GVYF49(H"##+N38PR#]E5N[5+R/JC53&1=S7E3
M<J&08CSE4=`G,9/EY?<$MT?L$GS?SE#I[$G9UJ!V;N../GZYJ#PNTXKA/HAX
M?S[F\<_*'4*&]!B+NDD6[LB0+I;Z4("G,#N7G+9D*4F(LE$(4"E+1;.4I2AP
M*4H0[L`*4`[`*`>0/(`:NVL"9))N<2:9NE:4:4HTI2#W6>J[N2_8'F'T>6+2
ME-JH?).K_-V$^#6VE*0^];U-MVOLRYY]%EJTI5,[TR>WJ#;*/:-Q1_99&0ZI
M7W#V&I7(OMZ!].C_``R*W\=/C8]D+?WN(K.%::+J'K3=-&QY5OI&HKM*%C]H
MY12DY3F.F=LI/2AS@SB6RG8X>J%$P=RDL8ECQ83DV44)!\$+.^KJ!)L.TV-O
M)<UZ:N9'F!R+EXX8G4\W<>U));#.7Q2<7Y!0/.5;$--`[[BL,!NBZB`;+3"^
M&\=;?<6TG#6)JXUJN/L?0;:`K<*UXG%%JB)E7#MZY/Q7D):5>JJ.GCI43+.G
M2RBJ@B<XCJ]FFT,MI:;%D)``[!7FBU;JS/\`76I9FKM4R5R\_GOJ=>=5M4I7
M4-@2D`)0D8)2`D8`5^N9O^),E_,:S_`[O6Y5NTR]*4:4HTI2LSI3YC(6$LQ4
M&O>$]_[QBS(5/@_'KF:L/?BRU*7A8SQKHB2YVS3QKTG>*`0XD)Q$"CPX:4KJ
MH&S9'C8.&C7&'9GOX^*CF*PIW&C'3,JT9HH*&3.,R03$$Z8\!$I1$/<#R:4I
M4[E7%^O>W//U'4QP_K:=RPIE2J*6*2LM5?1T`2Q46=B#S;]C%2KF4>,HHKP5
MU4FR:CA1-,2IE,<0`=0+FPVUR(D5Z;*:A1P#(><2A()L"I9"4W/0+D8]%5@^
MPKIR4ZI;S]JUHJ>[NF91L->S=CR8A,?4_!.?_C+;W<?--72<+%JR5/:1K)5T
MFF;O'3M1%HS1`[A<Y$DSB'!:S"!*5X$=W>>4#8;CHV`DXEL```8DFU?7F<<E
M/,#PZRW^?=8P,MAZ6RQ;4F0\K,(WFMH<0LV3>ZEJMNH0!O*60D"YJQ3Z9VR]
MUT\MNL3C*+Q*\LF4;,+2QYIR*UL=&0-;;CX<Q$V$:=:73>)U"IH+G9Q2"@%$
M"=XX.4%W*PCN1(R(C1:;]<HJ5C>ZCM/J#J%A77',9QZU#S`:_<U1FA6SD<='
M@0(I-TL1TV%R!AXKI'B.J'20D$I0FMB/QSR#]3TY_N^C?ZWKDUT%7E;S(Y)M
MU-M-6:XFE&;FQP,I"(/'EPI@-&BLFS69D=.O#2KER+9N9;G.":9U!*40*41X
M!I2GYI2C2E&E*-*4:4I99KX^9O+7`#&'S97S@!2B8PC\597L*4H")C#[@!VC
MJI'?%\!<5-:;M_,4"Y`'RUC$[/WJ=M1_.@/TOO\`KSCJ.WA9PK@M\Y94K:?F
MRK\NU$C_`!7B^;9HJ@^<-7!04C[M?VABJ.>(%68Q1DVH\AUWB8PF49:J&CQG
MOG"TV(]B+WW>W856POAB`#7WSSV<U2N+&>CA?HE\_P#7F4N`/.)N!.EMX*4?
?9,,*%F@193@+N(#9J2AJ9K'91I2C2E&E*-*4:4K_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
