Titan Reports First Quarter 2006 Results.

SOUTH SAN FRANCISCO, Calif. -- Titan Pharmaceuticals, Inc. (AMEX: TTP) today announced financial results for the first quarter ended March 31, 2006.

Net loss for first quarter of 2006 was approximately $4.7 million, or $0.13 per share, compared to a net loss of approximately $6.3 million,

Research and development (R&D) expenses for the first quarter 2006 were approximately $3.7 million, compared to $5.2 million for the same period last year. The lower R&D expenses in 2006 are a result of cost saving steps implemented last year, and lower clinical trial expenditures during the first quarter this year.

General and administrative expenses for the first quarter 2006 were approximately $1.1 million, compared to $1.3 million for the same period last year.

In March 2006, the Company completed a $10 million financing through the sale of approximately 3,077,000 shares of common stock at a price of $3.25 per share. Net proceeds to the Company were approximately $9.4 million.

At March 31, 2006, the Company had approximately $22.5 million in cash and marketable securities.

"During the first quarter, Titan further controlled costs, while augmenting financial resources through completion of a $10 million financing," stated Dr. Louis R. Bucalo, Chairman, President and CEO.

Clinical Development Programs

Titan's product development pipeline includes the following five products that are in clinical testing.

Iloperidone

Iloperidone, Titan's novel, proprietary product in development for the treatment of schizophrenia and related psychotic disorders, is being evaluated by Vanda Pharmaceuticals in an ongoing Phase III clinical study that is designed to confirm its efficacy, which was observed in previous Phase III clinical studies conducted by Novartis Pharma AG. Vanda acquired iloperidone from Titan's sublicensee, Novartis, and Vanda is funding completion of the iloperidone Phase III development program. Vanda has stated that it expects to complete the ongoing, final Phase III clinical study during the first half of 2007. In April 2006, Vanda completed its initial public offering, providing additional available funding for the iloperidone development program.

Probuphine(R)

Probuphine is our novel, proprietary product in development for the treatment of opioid dependence. We are finalizing a Phase III development program with guidance from the U.S. Food and Drug Administration (FDA), as well as European and other regulatory agencies. If successful, this Phase III program is intended to lead to potential product approval and commercialization in the U.S. and Europe.

Spheramine(R)

Spheramine is Titan's novel, cell-based therapeutic for the treatment of advanced Parkinson's disease. Spheramine is being evaluated in an ongoing, double-blind, placebo controlled Phase IIb clinical study that is funded by Schering AG, Germany, our corporate partner for the development of Spheramine. Enrollment is this study is in progress, and completion of treatment of the final cohort of patients is expected in the second half of 2006.

DITPA

DITPA is our novel, proprietary analogue of thyroid hormone (T3) that is being developed for the treatment of both congestive heart failure (CHF), and elevated cholesterol levels. During the first quarter, Titan initiated a Phase II clinical study of DITPA as a potential treatment for elevated cholesterol levels in individuals receiving standard lipid-lowering therapy, whose LDL cholesterol levels are above National Cholesterol Education Program (NCEP) guidelines. This investigator sponsored study is being conducted at the Johns Hopkins Medical Institutions in Baltimore, Maryland. Enrollment in our Phase II, randomized, double blind clinical study of DITPA in the treatment of CHF in patients with low T3 levels is continuing. Enrollment is also continuing in a second randomized, double blind Phase II clinical study in CHF patients funded by the Department of Veterans Affairs Cooperative Studies Program.

Gallium maltolate

Gallium maltolate is our novel, oral agent for the potential treatment of bone disease, chronic bacterial infections and cancer. The Company is working on the development of a new formulation of gallium maltolate with potentially increased bioavailability, and plans to use this new formulation in future clinical development of gallium maltolate.

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.

The press release may contain "forward-looking statements" 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 the Company's development program and any other statements that are not historical facts. Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to difficulties or delays in development, testing, regulatory approval, production and marketing of the Company's drug candidates, unexpected adverse side effects or inadequate therapeutic efficacy of the Company's drug candidates that could slow or prevent product development or commercialization, the uncertainty of patent protection for the Company's intellectual property or trade secrets and the Company's ability to obtain additional financing if necessary. Such statements are based on management's current expectations, but actual results may differ materially due to various factors, including those risks and uncertainties mentioned or referred to in this press release.

TITAN PHARMACEUTICALS, INC.
            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                (in thousands, except per share amount)

                                            Three Months Ended March
                                                       31,
                                           ---------------------------
                                              2006            2005
                                           ---------------------------
                                                   (unaudited)
License revenue                                      1             14

Operating expenses:
   Research and development                      3,687          5,199
   General and administrative                    1,133          1,262
                                            -----------    -----------
     Total operating expenses                    4,820          6,461
                                            -----------    -----------
Loss from operations                            (4,819)        (6,447)

     Interest income, net of other expense         114            151
                                            -----------    -----------
Net loss                                   $    (4,705)   $    (6,296)
                                            ===========    ===========

Basic and diluted net loss per share       $     (0.13)   $     (0.19)
                                            ===========    ===========

Weighted average shares used in computing
   basic and diluted net loss per share         35,940         32,339
                                            ===========    ===========


                 CONDENSED CONSOLIDATED BALANCE SHEETS
                            (in thousands)

                                            March 31,     December 31,
                                               2006           2005
                                            -----------    -----------
                                            (unaudited)     (Note A)
Assets
   Cash, cash equivalents, and marketable
    securities                             $    22,541    $    17,369
   Prepaid expenses, receivables and other
    current assets                               1,581          1,216
                                            -----------    -----------
     Total current assets                       24,122         18,585
   Furniture and equipment, net                    668            788
   Investment in other companies                   150            150
   Other assets                                    214            214
                                            -----------    -----------
                                           $    25,154    $    19,737
                                            ===========    ===========
Liabilities and Stockholders' Equity
   Current liabilities                     $     3,213    $     3,136
   Minority interest - Series B preferred
    stock of Ingenex, Inc.                       1,241          1,241
   Stockholders' Equity                         20,700         15,360
                                            -----------    -----------
                                           $    25,154    $    19,737
                                            ===========    ===========

Note A: The balance sheet has been derived from the audited financial
statements at that date but does not include all of the information
and footnotes required by generally accepted accounting principles in
the United States for complete financial statement presentation.