Titan Pharmaceuticals

During the second quarter of 2011, we completed a $20 million financing of Titan Pharmaceuticals, a specialty pharmaceutical company with a focus on diseases of the central nervous system. Titan has an approved product for schizophrenia called Fanapt® (iloperidone) that was approved in 2009 and is marketed by Novartis. In addition, Titan has an ongoing phase III program for probuphine in opioid addiction, which represents a significant upside opportunity if successful.