Document:

Form of Subscription Agreement

 Exhibit 10.1 
 SUBSCRIPTION AGREEMENT 
 TITAN PHARMACEUTICALS, INC. 

400 Oyster Point Blvd., Suite 505 
 South San
Francisco, California 94080 
 Ladies and Gentlemen: 
 The undersigned (the “Investor”) hereby confirms its agreement with Titan Pharmaceuticals, Inc., a Delaware corporation (the “Company”), as follows: 

1. This Subscription Agreement, including the Terms and Conditions for Purchase of Securities attached hereto as Annex I
(collectively, this “Agreement”) is made as of the latest date set forth on the signature page hereto between the Company and the Investor. 
 2. The Company has authorized the sale and issuance to certain investors of up to an aggregate of (i) 6,517,648 shares (the “Shares”) of its common stock, par value $0.001 per
share (the “Common Stock”), (ii) Series A warrants (the “Series A Warrants”) to purchase up to an aggregate of 6,517,648 shares of Common Stock in substantially the form attached hereto as Exhibit B, subject to
adjustment by the Company’s Board of Directors or a committee thereof and (iii) Series B warrants (the “Series B Warrants” and together with the Series A Warrants, the “Warrants”) to purchase up to an
aggregate of 6,517,648 shares of Common Stock in substantially the form attached hereto as Exhibit C, subject to adjustment by the Company’s Board of Directors or a committee thereof, for an aggregate purchase price of $0.85 per Share, Series A
Warrant and Series B Warrant (the “Purchase Price”). The Investor will receive a Series A Warrant to purchase 1 share of Common Stock for each Share purchased. The Investor will receive a Series B Warrant to purchase 1 share of
Common Stock for each Share purchased. The Shares and Warrants are immediately separable and will be issued separately. The shares of Common Stock issuable upon exercise of the Warrants are referred to herein as the “Warrant Shares” and,
together with the Shares and the Warrants, are referred to herein as the “Securities”). 
 3. The
offering and sale of the Shares and Warrants (the “Offering”) are being made pursuant to (a) an effective Registration Statement on Form S-3 (File No. 333-178656) (the “Registration Statement”) filed by
the Company with the Securities and Exchange Commission (the “Commission”), including the prospectus contained therein (the “Base Prospectus”), (b) if applicable, certain “free writing prospectuses”
(as that term is defined in Rule 405 under the Securities Act of 1933, as amended (the “Act”)), that have been or will be filed by 

 
the Company with the Commission and delivered to the Investor on or prior to the date hereof (the “Issuer Free Writing Prospectus”), containing certain supplemental information
regarding the Securities, the terms of the Offering and the Company and (c) a prospectus supplement (the “Prospectus Supplement” and, together with the Base Prospectus, the “Prospectus”) containing certain
supplemental information regarding the Securities and terms of the Offering that has been or will be filed with the Commission and delivered to the Investor (or made available to the Investor by the filing by the Company of an electronic version
thereof with the Commission). 
 4. The Company and the Investor agree that the Investor will purchase from the Company
and the Company will issue and sell to the Investor the Shares and Warrants set forth below for the aggregate purchase price set forth below. The Shares and Warrants shall be purchased pursuant to the Terms and Conditions for Purchase of Securities
attached hereto as Annex I and incorporated herein by this reference as if fully set forth herein. The Investor acknowledges that the Offering is not being underwritten by the Placement Agent (the “Placement Agent”) named in
the Prospectus Supplement and that there is no minimum offering amount. 
 5. The manner of settlement of the Shares and
Warrants purchased by the Investor shall be as follows: 
 A. The Shares shall be delivered by crediting the account of the
Investor’s prime broker (as specified by such Investor on Exhibit A annexed hereto) with the Depository Trust Company (“DTC”) through its Deposit/Withdrawal At Custodian (“DWAC”) system, whereby
Investor’s prime broker shall initiate a DWAC transaction on the Closing Date (as defined in Annex I) using its DTC participant identification number, and released by Continental Stock Transfer & Trust Company, LLC, the
Company’s transfer agent (the “Transfer Agent”), at the Company’s direction. NO LATER THAN ONE (1) BUSINESS DAY AFTER THE EXECUTION OF THIS AGREEMENT BY THE INVESTOR AND THE COMPANY, THE INVESTOR SHALL:

  

	 	(I)	DIRECT THE BROKER-DEALER AT WHICH THE ACCOUNT OR ACCOUNTS TO BE CREDITED WITH THE SHARES ARE MAINTAINED TO SET UP A DWAC INSTRUCTING THE TRANSFER AGENT TO CREDIT
SUCH ACCOUNT OR ACCOUNTS WITH THE SHARES, AND 

  

	 	(II)	REMIT BY WIRE TRANSFER THE AMOUNT OF FUNDS EQUAL TO THE AGGREGATE PURCHASE PRICE FOR THE SHARES AND WARRANTS BEING PURCHASED BY THE INVESTOR TO THE FOLLOWING
ACCOUNT: 

  
 2 

 ; provided, however, that, in lieu of remittance of the aggregate Purchase Price to the
account described above, if the Company and Placement Agent agree (pursuant to the Placement Agreement (as defined on Annex I) or otherwise) that the funds of Investor shall be deposited in an escrow account with a commercial bank or trust company
(“Escrow Account”) in connection with the closing of the transactions contemplated herein, Investor shall remit by wire transfer the amount of funds equal to the aggregate Purchase Price for the Shares and Warrants being purchased
by the Investor to the Escrow Account in accordance with the delivery instructions provided by the Placement Agent, which funds shall be distributed pursuant to the terms of the escrow agreement between the Company and the Placement Agent which
governs the Escrow Account. 
 IT IS THE INVESTOR’S RESPONSIBILITY TO (A) MAKE THE NECESSARY WIRE TRANSFER OR CONFIRM THE PROPER
ACCOUNT BALANCE IN A TIMELY MANNER AND (B) ARRANGE FOR SETTLEMENT BY WAY OF DWAC IN A TIMELY MANNER. IF THE INVESTOR DOES NOT DELIVER THE AGGREGATE PURCHASE PRICE FOR THE SHARES AND WARRANTS OR DOES NOT MAKE PROPER ARRANGEMENTS FOR SETTLEMENT
IN A TIMELY MANNER, THE SHARES ANDWARRANTS WILL NOT BE DELIVERED AT CLOSING TO THE INVESTOR OR THE INVESTOR MAY BE EXCLUDED FROM THE CLOSING ALTOGETHER. 

  
 3 

 B. [RESERVED] 
 C. The executed Warrants shall be delivered in physical form to the Investor by facsimile with the original by overnight courier to the address set forth on the signature page hereto. 

6. The Investor represents that, except as set forth below, (a) it has had no position, office or other material relationship
within the past three years with the Company or persons known to it to be affiliates of the Company, (b) it is not a member of the Financial Industry Regulatory Authority, Inc. or an Associated Person (as such term is defined under the NASD
Membership and Registration Rules Section 1011) as of the Closing, and (c) neither the Investor nor any group of Investors (as identified in a public filing made with the Commission) of which the Investor is a part in connection with the
Offering of the Securities, acquired, or obtained the right to acquire, 15% or more of the Common Stock (or securities convertible into or exercisable for Common Stock) or the voting power of the Company on a post-transaction basis. Exceptions:

  
  
 (If no exceptions, write “none.” If left blank, response will be deemed to be “none.”) 
 7. The Investor represents that it has received (or otherwise had made available to it by the filing by the Company of an electronic version thereof with the Commission) the Base Prospectus which
is a part of the Company’s Registration Statement, the documents incorporated by reference therein and any free writing prospectus (collectively, the “Disclosure Package”), prior to or in connection with the receipt of this
Agreement. The Investor acknowledges that, prior to the delivery of this Agreement to the Company, the Investor will receive certain additional information regarding the Offering, including pricing information (the “Offering
Information”). Such information may be provided to the Investor by any means permitted under the Act, including the Prospectus Supplement, a free writing prospectus and oral communications. 

8. No offer by the Investor to buy Shares and Warrants will be accepted and no part of the Purchase Price will be delivered to the
Company until the Investor has received the Offering Information and the Company has accepted such offer by countersigning a copy of this Agreement, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any
time prior to the Company (or Placement Agent on behalf of the Company) sending (orally, in writing or by electronic mail) notice of its acceptance of such offer. An indication of interest will involve no obligation or commitment of any kind until
the Investor has been delivered the Offering Information and this Agreement is accepted and countersigned by or on behalf of the Company. 

  
 4 

 9. Other than information to be disclosed on a Current Report on Form 8-K in
connection with the Offering, the Company acknowledges that the only material, non-public information relating to the Company it has provided to the Investor in connection with the Offering prior to the date hereof is the existence of the Offering.

 (Remainder of this page intentionally left blank; signatures begin on the next page.) 

  
 5 

 Number of Shares:
                     
 Number of
Series A Warrants:                      
 (such number equal to 100% of the number of Shares being purchased by the Investor) 
 Number of
Series B Warrants:                      
 (such number equal to 100% of the number of Shares being purchased by the Investor) 
 Aggregate
Purchase Price Per Share and Warrants: $0.85 
 Aggregate Purchase Price:
$             
 Please confirm that the foregoing correctly
sets forth the agreement between us by signing in the space provided below for that purpose. 
  

	
	
	 Dated as of: April     , 2012

 
  

	INVESTOR

 
			
		
	By:	 	  

 

			
		
	Print Name:	 	  

 

			
		
	Title:	 	  

 

			
		
	Address:	 	  

 

			
	
	  

 Agreed and Accepted 
 this          day of April, 2012: 
 TITAN
PHARMACEUTICALS, INC. 
  

			
	By:	 	  

		 	 Name:

Title:

  
 6 

 ANNEX I 

TERMS AND CONDITIONS FOR PURCHASE OF SECURITIES 
 1. Authorization and Sale of Securities. Subject to the terms and conditions of this Agreement, the Company has authorized the sale of the Shares and the Warrants. 

2. Agreement to Sell and Purchase the Shares and Warrants; Placement Agent. 

2.1 At the Closing (as defined in Section 3.1), the Company will sell to the Investor, and the Investor will purchase
from the Company, upon the terms and conditions set forth herein, the number of Shares and Warrants set forth on the last page of the Agreement to which these Terms and Conditions for Purchase of Securities are attached as Annex I (the
“Signature Page”) for the aggregate purchase price therefor set forth on the Signature Page. 
 2.2 The
Company proposes to enter into substantially this same form of Subscription Agreement with certain other investors (the “Other Investors”) and expects to complete sales of Shares and Warrants to them. The Investor and the Other
Investors are hereinafter sometimes collectively referred to as the “Investors”, and this Agreement and the Subscription Agreements executed by the Other Investors are hereinafter sometimes collectively referred to as the
“Agreements”. 
 2.3 Investor acknowledges that the Company has agreed to pay Rodman & Renshaw,
LLC (the “Placement Agent”) a fee (the “Placement Fee”) in respect of the sale of Shares and Warrants to the Investor. 
 2.4 The Company has entered into a Placement Agent Agreement, dated April 9, 2012 (the “Placement Agreement”), with the Placement Agent that contains certain representations,
warranties, covenants and agreements of the Company that may be relied upon by the Investor, which shall be a third party beneficiary thereof. The Company confirms that neither it nor any other person acting on its behalf has provided the Investor
or its agents or counsel with any information that constitutes or could reasonably be expected to constitute material, nonpublic information, except as will be disclosed in the Prospectus and the Company’s Current Report on Form 8-K filed with
the Commission in connection with the Offering. The Company understands and confirms that the Investor will rely on the foregoing representation in effecting transactions in securities of the Company. 

2.5 Anything in this Agreement, the Placement Agreement or elsewhere herein or therein to the contrary notwithstanding (except for
Section 4.5 hereof as to the Investors), it is understood and agreed by the Company (i) that none of the Investors or any person to whom an offer of Securities has been made (each, an “Offeree”) has been asked to agree,
nor has any Investor or Offeree agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or “derivative” securities based on securities issued by the Company or to hold the Shares, the Warrants,
securities of the Company, or “derivative” securities based on securities issued by the Company for any specified term; (ii) that past or future open market or other transactions by any Investor or Offeree, including without
limitation, Short Sales (as defined below) or “derivative” transactions, before or after the closing of this or 

 
future private placement transactions, may negatively impact the market price of the Company’s publicly-traded securities; (iii) that any Investor or Offeree, and counter parties in
“derivative” transactions to which any such Investor or Offeree is a party, directly or indirectly, presently may have a “short” position in the Common Stock, and (iv) that no Investor or Offeree shall be deemed to have any
affiliation with or control over any arm’s length counter-party in any “derivative” transaction. 
 3.
Closings and Delivery of the Shares and Warrants and Funds; Prohibition on Subsequent Equity Sales by the Company. 
 3.1
Closing. The completion of the purchase and sale of the Shares and Warrants (the “Closing”) shall occur at a place and time (the “Closing Date”) to be specified by the Company and the Placement Agent, and
of which the Investors will be notified in advance by the Placement Agent, in accordance with Rule 15c6-1 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). At the Closing, (a) the Company
shall (i) cause the Transfer Agent to deliver to the Investor the number of Shares and (ii) cause to be delivered to the Investor the number of Warrants, each as set forth on the Signature Page, registered in the name of the Investor or,
if so indicated on the Investor Questionnaire attached hereto as Exhibit A, in the name of a nominee designated by the Investor and (b) the aggregate purchase price for the Shares and Warrants being purchased by the Investor will be
delivered by or on behalf of the Investor to the Company (or, as provided herein, to the Escrow Account). 
 3.2 Conditions
to the Obligations of the Parties. 
 (a) Conditions to the Company’s Obligations. The Company’s
obligation to issue and sell the Shares and Warrants to the Investor shall be subject to: (i) the receipt by the Company of the Purchase Price for the Shares and Warrants being purchased hereunder as set forth on the Signature Page and
(ii) the accuracy of the representations and warranties made by the Investor and the fulfillment of those undertakings of the Investor to be fulfilled prior to the Closing Date. 

(b) Conditions to the Investor’s Obligations. The Investor’s obligation to purchase the Shares and Warrants will
be subject to the accuracy of the representations and warranties made by the Company and the fulfillment of those undertakings of the Company to be fulfilled prior to the Closing Date, including without limitation, those contained in the Placement
Agreement, and to the condition that the Placement Agent shall not have: (i) terminated the Placement Agreement pursuant to the terms thereof or (ii) determined that the conditions to the Closing in the Placement Agreement have not been
satisfied. The Investor’s obligations are expressly not conditioned on the purchase by any or all of the Other Investors of the Shares and Warrants that they have agreed to purchase from the Company. The Investor understands and agrees that, in
the event that the Placement Agent in its sole discretion determines that the conditions to Closing in the Placement Agreement have not been satisfied or if the Placement Agent Agreement may be terminated for any other reason permitted by such
Agreement, then the Placement Agreement may, but shall not be obligated to, terminate such Placement Agreement, which shall have the effect of terminating this Subscription Agreement pursuant to Section 14 below. 

  
 8 

 3.3 Delivery of Funds. 

(a) DWAC Delivery. If the Investor elects to settle the Shares purchased by such Investor through DTC’s Deposit/Withdrawal at
Custodian (“DWAC”) delivery system, no later than one (1) business day after the execution of this Agreement by the Investor and the Company, the Investor shall remit by wire transfer the amount of funds equal to
the aggregate purchase price for the Shares being purchased by the Investor to the following account designated by the Company: 
 ;
provided, however, that, in lieu of remittance of the aggregate Purchase Price to the account described above, if the Company and Placement Agent agree (pursuant to the Placement Agreement or otherwise) that the funds of Investor shall
be deposited in an escrow account with a commercial bank or trust company (“Escrow Account”) in connection with the closing of the transactions contemplated herein, Investor shall remit by wire transfer the amount of funds equal to
the aggregate Purchase Price for the Shares and Warrants being purchased by the Investor to the Escrow Account in accordance with the delivery instructions provided by the Placement Agent, which funds shall be distributed pursuant to the terms of
the escrow agreement between the Company and the Placement Agent which governs the Escrow Account. 
 (b) [RESERVED]

 3.4 Delivery of Shares. 
 (a) DWAC Delivery. If the Investor elects to settle the Shares purchased by such Investor through DTC’s DWAC delivery system, no later than one (1) business day after the execution
of this Agreement by the Investor and the Company, the Investor shall direct the broker-dealer at which the account or accounts to be credited with the Shares being purchased by such Investor are maintained, which broker/dealer shall be a
DTC participant, to set up a DWAC instructing Continental Stock Transfer & Trust Company, the Company’s Transfer Agent, to credit such account or accounts with the Shares. Such DWAC instruction shall indicate the settlement date for
the deposit of the Shares, which date shall be provided to the Investor by the Placement Agent. On the Closing Date, the Company shall direct the Transfer Agent to credit the Investor’s account or accounts with the Shares pursuant to the
information contained in the DWAC. 
 (b) [RESERVED] 
 3.5 Delivery of Warrants. The Warrants will be issued in certificated form. Upon receipt by the Company of the funds due it pursuant to Section 3.3 above, on the Closing Date the
Company shall direct the delivery of a copy of the Warrants to the Investor by facsimile and the originally executed Warrant by overnight courier at the address provided by the Investor on the Signature Page hereto. 

  
 9 

 3.6 Prohibition on Subsequent Equity Sales. The Company covenants that, from the date
hereof until 60 days after the Closing Date, neither the Company nor any subsidiary of the Company shall issue, enter into any agreement to issue, or announce the issuance or proposed issuance of (i) any shares of Common Stock or (ii) any
securities of the Company or any subsidiary of the Company that would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any
time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock, other than (a) shares of Common Stock or options to employees, officers or directors of the Company pursuant to any
stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose or (b) securities upon
the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement, provided that such
securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities. 

4. Representations, Warranties and Covenants of the Investor. 

The Investor acknowledges, represents and warrants to, and agrees with, the Company and the Placement Agent that: 

4.1 The Investor (a) is knowledgeable, sophisticated and experienced in making, and is qualified to make decisions with
respect to, investments in securities presenting an investment decision like that involved in the purchase of the Securities, including investments in securities issued by the Company and investments in comparable companies, (b) has answered
all questions on the Signature Page and the Investor Questionnaire and the answers thereto are true and correct as of the date hereof and will be true and correct as of the Closing Date and (c) in connection with its decision to purchase the
Shares and Warrants set forth on the Signature Page, has received and is relying only upon the Disclosure Package and the documents incorporated by reference therein and the Offering Information. 

4.2 (a) No action has been or will be taken in any jurisdiction outside the United States by the Company or the Placement Agent
that would permit an offering of the Securities, or possession or distribution of offering materials in connection with the issue of the Securities in any jurisdiction outside the United States where action for that purpose is required, (b) if
the Investor is outside the United States, it will comply with all applicable laws and regulations in each foreign jurisdiction in which it purchases, offers, sells or delivers Securities or has in its possession or distributes any offering
material, in all cases at its own expense and (c) the Placement Agent is not authorized to make and has not made any representation, disclosure or use of any information in connection with the issue, placement, purchase and sale of the
Securities, except as set forth or incorporated by reference in the Base Prospectus or the Prospectus Supplement. 

  
 10 

 4.3 (a) The Investor has full right, power, authority and capacity to enter into this
Agreement and to consummate the transactions contemplated hereby and has taken all necessary action to authorize the execution, delivery and performance of this Agreement, (b) this Agreement constitutes a valid and binding obligation of the
Investor enforceable against the Investor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting parties’
rights generally and except as enforceability may be subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and except as to the enforceability of any rights to
indemnification or contribution that may be violative of the public policy underlying any law, rule or regulation (including any federal or state securities law, rule or regulation) and (c) the execution and delivery of this Subscription
Agreement and the consummation of the transactions contemplated hereby do not conflict with or result in a breach of (i) Investor’s certificate of incorporation or by-laws (or other similar governing documents) or (ii) any agreement
or any law or regulation to which Investor is a party or by which any of its property or assets is bound. 
 4.4 The
Investor understands that nothing in this Agreement, the Prospectus or any other materials presented to the Investor in connection with the purchase and sale of the Shares and Warrants constitutes legal, tax or investment advice. The Investor has
consulted such legal, tax and investment advisors and made such investigation as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of Shares and Warrants. The Investor also understands that there is no
established public trading market for the Warrants being offered in the Offering, and that the Company does not expect such a market to develop. In addition, the Company does not intend to apply for listing the Warrants on any securities exchange.
Without an active market, the liquidity of the Warrants will be limited. 
 4.5 Since the date on which the Placement
Agent first contacted the Investor about the Offering, the Investor has not disclosed any information regarding the Offering to any third parties (other than its legal, accounting and other advisors) and has not engaged in any transactions involving
the securities of the Company (including, without limitation, any Short Sales involving the Company’s securities). The Investor covenants that it will not engage in any transactions in the securities of the Company (including Short Sales) prior
to the time that the transactions contemplated by this Agreement are publicly disclosed. The Investor agrees that it will not use any of the Securities acquired pursuant to this Agreement to cover any short position in the Common Stock if doing so
would be in violation of applicable securities laws. For purposes hereof, “Short Sales” include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, whether
or not against the box, and all types of direct and indirect stock pledges, forward sales contracts, options, puts, calls, short sales, swaps, “put equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) and similar
arrangements (including on a total return basis), and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers. 
 5. Survival of Representations, Warranties and Agreements; Third Party Beneficiary. Notwithstanding any investigation made by any party to this Agreement or by the Placement Agent, all covenants,
agreements, representations and warranties made by the Company and the Investor herein will survive the execution of this Agreement, the delivery to the Investor of the Shares and Warrants being purchased and the payment therefor. The Placement
Agent shall be a third party beneficiary with respect to the representations, warranties and agreements of the Investor in Section 4 hereof. 

  
 11 

 6. Notices. All notices, requests, consents and other communications hereunder will
be in writing, will be mailed (a) if within the domestic United States by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, or by facsimile or (b) if delivered from outside
the United States, by International Federal Express or facsimile, and (c) will be deemed given (i) if delivered by first-class registered or certified mail domestic, three business days after so mailed, (ii) if delivered by nationally
recognized overnight carrier, one business day after so mailed, (iii) if delivered by International Federal Express, two (2) business days after so mailed and (iv) if delivered by facsimile, upon electric confirmation of receipt and
will be delivered and addressed as follows: 
  

	
	 if to the Company, to:

	
	 Titan Pharmaceuticals, Inc.

	 400 Oyster Point Blvd., Suite 505

	 South San Francisco, California 94080

	 Attention: Sunil Bhonsle, President

	 Facsimile: (650) 244-4956

  

	
	 with a copy to:

	
	 Loeb & Loeb LLP

	 345 Park Avenue

	 New York, New York 10154

	 Attention: Fran Stoller, Esq.

	 Facsimile: (212) 407-4990

 if to the Investor, at its address on the Signature Page hereto, or at such other address or addresses as
may have been furnished to the Company in writing. 
 7. Changes. This Agreement may not be modified or amended except
pursuant to an instrument in writing signed by the Company and the Investor. 
 8. Headings. The headings of the various
sections of this Agreement have been inserted for convenience of reference only and will not be deemed to be part of this Agreement. 
 9. Severability. In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein will not in any way be affected or impaired thereby. 
 10. Governing Law. This Agreement will be
governed by, and construed in accordance with, the internal laws of the State of New York, without giving effect to the principles of conflicts of law that would require the application of the laws of any other jurisdiction. 

  
 12 

 11. Counterparts. This Agreement may be executed in multiple counterparts, each of
which will constitute an original, but all of which, when taken together, will constitute but one instrument, and will become effective when one or more counterparts have been signed by each party hereto and delivered to the other parties. The
Company and the Investor acknowledge and agree that the Company shall deliver its counterpart to the Investor along with the Prospectus Supplement (or the filing by the Company of an electronic version thereof with the Commission). 

12. Confirmation of Sale. The Investor acknowledges and agrees that such Investor’s receipt of the Company’s signed
counterpart to this Agreement, together with the Prospectus Supplement (or the filing by the Company of an electronic version thereof with the Commission), shall constitute written confirmation of the Company’s sale of Shares and Warrants to
such Investor. 
 13. Press Release. The Company and the Investor agree that the Company shall issue a press release
announcing the Offering and disclosing all material information regarding the Offering prior to the opening of the financial markets in New York City on the business day immediately after the date hereof. 

14. Termination. In the event that the Placement Agreement is terminated by the Placement Agent pursuant to the terms thereof,
this Agreement shall terminate without any further action on the part of the parties hereto. 

  
 13Corporate Presentation

  
	

	 

Corporate Presentation

March  2012

1

Exhibit 10.2
 

  
	

	 

The

presentation

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. Reference is made in particular to 

the description of our plans and objectives for future operations, 

assumptions underlying such plans and objectives and other forward-

looking terminology such as “may,”

“expects,”

“believes,”

“anticipates,”

“intends,”

“expects,”

“projects,”

or similar terms, 

variations of such terms or the negative of such terms.  Forward-looking

 statements are based on management’s current expectations. Actual 

results

could

differ

materially

from

those

currently

anticipated

due

to

a 

number of factors, including but not limited to, uncertainties relating to 

financing and strategic agreements and relationships; difficulties or 

delays in the regulatory approval process; uncertainties relating to 

sales, marketing and distribution of the Company's drug candidates that 

may be successfully developed and approved for commercialization; 

adverse side effects or inadequate therapeutic efficacy of the 

Company's drug candidates that could slow or prevent product 

development or commercialization; dependence on third party 

suppliers; the uncertainty of protection for the Company's patents and 

other intellectual property or trade secrets; and competition. 

Safe Harbor

2
 

  
	

	 

•

Titan Pharmaceuticals Highlights

•

Probuphine Development

•

Probuphine Market Opportunity

•

Financial Summary

•

Summary

Presentation Content

3
 

  
	

	 

•

Specialty pharmaceutical company focused in CNS with an NDA 

submission

for

ProbuphineTM

expected

in

Q3,

2012

•

Probuphine has the potential to be the first long acting therapeutic 

on the market for the treatment of opioid dependence

–

Six month controlled release formulation of an approved drug, buprenorphine

–

Clinical development completed 

–

Addresses U.S. market of over $1B and growing

–

Significant unmet needs continue to exist in the market place

–

Potential peak sales of $300m –

$500m

–

U.S. patent life to 2024

–

Probuphine has the potential to be developed for treating chronic pain

•

ProNeuraTM

–

unique long term drug delivery system can provide 

around the clock medication and has potential in additional 

applications

•

Near term value-creating milestones

•

Lean and capital efficient organization

Titan Pharmaceuticals: Highlights

4
 

  
	

	 

Probuphine Development

5
 

  
	

	 

•

Addiction is a primary, chronic disease of brain reward, 

motivation, memory and related neurobiological circuitry* 

•

inability to consistently abstain 

•

impairment in behavioral control

•

craving 

•

diminished recognition of significant problems with one’s behaviors

•

Addiction involves cycles of relapse and remission 

•

Without treatment or engagement in recovery activities, addiction 

is progressive and can result in disability or premature death

*American Society of Addiction Medicine, Inc., 2011

Disease Overview

6
 

  
	

	 

•

In the U.S. buprenorphine has replaced methadone as the gold standard in treating

 opioid dependence

•

Buprenorphine is a mixed partial agonist at the mu receptor and an antagonist at

 the kappa receptor

•

Ceiling effect

•

Improved safety profile

•

Lack of euphoria

Ceiling

Effect

of

Buprenorphine

Disease Treatment Overview

7
 

  
	

	 

Launched in 2003 

Global sales exceed 

$1.2B in 2010 (U.S. 

sales of $1B)

Source: EvaluatePharma; Reckitt Benckiser 2010 Annual Report

Suboxone

®

Franchise WW Sales

0

200

400

600

800

1000

1200

1400

2003

2004

2005

2006

2007

2008

2009

2010

58% CAGR for

the last 4 years

Suboxone has grown rapidly  

Incremental Treatment Improvements Have Driven 

Conversion and Growth of the Market

8
 

  
	

	 

•

Efficacy

•

Medication compliance 

•

Retention of patients

•

Reduction in the use of opioids and other substances 

•

Safety and tolerability

•

Risks of misuse, abuse, diversion

•

Risk of precipitating withdrawal

•

Risk of overdose 

Significant Unmet Medical Needs in the Treatment of 

Opioid Dependence

9
 

  
	

	 

Solid Matrix Long-Term Delivery

•

Non-biodegradable

•

Inserted subcutaneously

•

Stable non-fluctuating blood levels of drug maintained for over 6 months

Probuphine is a subcutaneous implant capable of delivering continuous and 

persistent around the clock blood levels of buprenorphine for 6 months 

following a single treatment, enhancing patient compliance and retention

Probuphine

10
 

  
	

	 

 EVA
polymer
 Buprenorphine

Each implant contains 80 mg of buprenorphine HCl which has been blended and 

extruded with ethylene vinyl acetate (EVA) co-polymer

Probuphine

Probuphine

11

26 mm long,

2.5 mm 

diameter

Inert component of 

several 

approved products

Approved for treatment of 

opioid addiction, and

acute and chronic pain

Blended

&

Extruded
 

  
	

	 

PRO-810

Pharmacokinetics

Pharmacokinetics

PRO-806

U.S. Efficacy 2

U.S. Efficacy 2

Pre-NDA meeting

U.S. Retreatment 2 

U.S. Retreatment 2 

2007

2008

2009

2010

2011

2012

Q

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

PRO-805

U.S. Efficacy 1

U.S. Efficacy 1

PRO-807

U.S. Retreatment 1 

U.S. Retreatment 1 

n = 163

n = 163

n = 62

n = 62

n = 9

n = 9

n = 287

n = 287

n = 85

n = 85

Probuphine: Clinical Development Program

NDA 

NDA 

submission

submission

12

PRO-811
 

  
	

	 

 PRO
810 –
 Mean Plasma Buprenorphine AUC (0-24 h)

2.29

2.13

0.82

0

0.5

1

1.5

2

2.5

3

Suboxone (Day -2)

Suboxone (Day -1)

Probuphine 

(Steady State)

Probuphine: Plasma Pharmacokinetics

13

Continuous, around the clock medication maintaining a 

Continuous, around the clock medication maintaining a 

stable level of buprenorphine in the patient

stable level of buprenorphine in the patient

Weeks on Study

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

0

4

8

12

16

20

24

Phase 1/2 (4 implants, n=6)

PRO

805 (4 or 5 Implants, n=104)

PRO

807 (4 or 5 Implants, n=61)

PRO

810 (4 Implants, n=9)

PRO

806 (4 or 5 Implants, n=113)

-

-

-

-
 

  
	

	 

Study 2 (PRO-806):

•

n = 287; 20 sites

•

Three-arm: Double-blind 

randomized, placebo-controlled 

and open-label active 

(Suboxone)

Study 1 (PRO-805):

•

n = 163; 18 sites

•

Two-arm: Double-blind 

randomized, placebo-

controlled

(Urine Toxicology Three Times Per Week)

Probuphine: Two Phase 3 Controlled Studies

14

Up to 16 days

SL BPN Dose

12

16 mg/day

3 Days

6-month Treatment Phase

Telephone

Call

Implant Removal

End of Treatment /

Induction

Follow-up

Screening

Baseline

Implant 

Visit

Randomize/

-

Post

Implant

Treatment and

x/

week Urine Visits

3

(Weeks 1 –

24)

Week 

24

Week 

26

Week 

25

-
 

  
	

	 

•

Urine toxicology (blinded to sites and patients)

•

Tests for presence of opioids (heroin, methadone, prescription pain medications,

 etc.)

•

Clinical Global Improvement

•

Clinician-rated

•

Patient-rated

•

Symptoms of opioid withdrawal and craving

•

Clinician-rated (COWS)

•

Patient-rated (SOWS and craving VAS)

•

Patient-reported illicit drug use

•

Mood

•

Beck Depression Inventory II

Study Assessments

15
 

  
	

	 

Outcome Measures

Outcome Measures

Probuphine

Probuphine

> Placebo

> Placebo

CDF of % Negative Urines

(24 weeks)

p = 0.0117 (primary)

Treatment Retention

(24 weeks)

p < 0.0001

Global Severity of Opioid Addiction

(Patient Rated)

(24 Weeks)

p < 0.0021

Global Severity of Opioid Addiction

(Physician Rated)

(24 Weeks)

p < 0.0086

Patient-rated opioid withdrawal

(24 weeks)

p = 0.0005

Clinician-rated opioid withdrawal

(24 weeks)

p = 0.0008

Opioid craving

(24 weeks)

p = 0.0006

Study 1: Efficacy Results –

Probuphine vs Placebo

16
 

  
	

	 

Outcome Measures

Outcome Measures

Probuphine > Placebo

Probuphine > Placebo

p < 0.0001 (primary)

p < 0.0001 (primary)

p = 0.0002

p = 0.005

p = 0.031

p = 0.0003

p = 0.0002

p < 0.0001

p < 0.0001

p < 0.0001

Study 2: Efficacy Results –

Probuphine vs Placebo

17

CDF of % Negative Urines

(24 weeks)

CDF of % Negative Urines Incorporating Patient 

Self Report (24 weeks)

Treatment Retention

(24 weeks)

Patient-Rated Global Severity

Global Improvement

(24 Weeks)

Clinician-Rated Global Severity

Global Improvement

(24 Weeks)

Patient-rated opioid withdrawal

(24 weeks)

Clinician-rated opioid withdrawal

(24 weeks)

Opioid craving

(24 weeks)
 

  
	

	 

Probuphine vs. Suboxone: Percentage of Urine Samples

Probuphine vs. Suboxone: Percentage of Urine Samples

Negative for Illicit Opioids in Weeks 1-24

Negative for Illicit Opioids in Weeks 1-24

•

Non-Inferiority Comparison (-15% Margin):

•

31% Probuphine vs. 33% Suboxone

•

95% Confidence Interval for Difference:
-10.8, 5.9 

•

Least-Squared Means Comparison:

•

36% Probuphine vs. 35% Suboxone

Study 2: Efficacy Results –

Probuphine vs Suboxone

18
 

  
	

	 

PRO-805

End

of

Treatment

/

PRO-807

Baseline

Start

SL

BPN

Induction

Implant

Visit

/

4

Probuphine

Implants

Post-

Implant

Visit

Wk

1

Wk

24

Wk

25

Wk

26

Wk

8

Wk

12

Wk

16

Wk

20

Wk

4

Implants Removed

Stop Sublingual Buprenorphine

12-24 Hours

Prior to

Implantation

End of 

Treatment/

Implant

Removal

Follow-Up

Visit

Telephone

Call

24 Hours

Up to 14 Days

Six-Month, Open-Label, Multicenter Retreatment Trials in 

Patients Completing the Controlled Studies

PRO -

807

•

14 study sites in the U.S.

•

62 patients who completed PRO-805

received 4 initial Probuphine implants

•

6 patients received a 5

th

implant

PRO -

811

•

20 study sites in the U.S. 

•

85 patients who completed PRO-806 

received 4 initial Probuphine implants 

•

Study completed end of Dec 2011 and initial      

 results released in Feb 2012

19
 

  
	

	 

•

Probuphine was clinically and statistically superior to placebo in the 

treatment of opioid-addicted patients, and demonstrated non-inferiority to

 Suboxone.

•

Adverse events were mild to moderate in severity and generally consistent 

with the patient population and the known safety profile of buprenorphine in 

all studies.

•

Early termination due to adverse events was low in all studies.

•

The number and profile of serious adverse events was low in all studies and 

similar to placebo.

•

The implant procedure was generally well tolerated in all studies and there 

was no evidence of implant diversion or misuse.

•

Probuphine delivers an efficacious, low level of buprenorphine continuously 

for six months.

Clinical Summary

20
 

  
	

	 

•

Pre-NDA meeting completed with the FDA on October 25, 2011

•

Clinical

data

on

safety

and

efficacy

of

Probuphine

considered

to

be 

sufficient for NDA submission

•

Manufacturing scale up plans are acceptable to the FDA, however,

additional data on the characterization of the EVA and Probuphine is 

required to complete the Chemistry, Manufacturing and Controls 

section

•

FDA provided guidance on the requirements for a Priority Review 

designation and suggested that appropriate information should be

included with the NDA submission

•

NDA submission is targeted for Q3, 2012

•

CMC section related analytical testing underway at two vendors

•

Electronic NDA document preparation commenced at CRO

•

Manufacturing facility expansion and production scale-up in process

NDA Preparation Status

21
 

  
	

	 

•

Buprenorphine has several advantages over other opioids used for

chronic pain

•

Safer than other opioids

–

ceiling effect for respiratory depression, relatively long half-life, minimal

 euphoric effect

•

Buprenorphine transdermal patch (3-7 days) is approved in U.S., 

Europe and Australia for the treatment of moderate to severe chronic 

pain

•

Therapeutic window of 0.1 –

0.5 ng/ml plasma level can be delivered with   

1 to 2 Probuphine implants

•

Probuphine value proposition for treating chronic pain

•

Around the clock non-fluctuating therapeutic levels, no on/off therapy 

cycling, enhances compliance and increases patient convenience

Sources: NEJM 2003;349:1943-53

Sittl, Expert Rev. Neurotherapeutics 2005;5(3): 315-323

Probuphine for the Treatment of Chronic Pain

22
 

  
	

	 

Probuphine Market Opportunity

23
 

  
	

	 

•

Prevalence is large and growing rapidly

•

Worldwide: > 6m persons addicted to opioids

•

U.S.  > 2m, range varies between 2-4m depending on source

•

Opioid addiction is a chronic long term illness

•

Patients who stop all medically-assisted therapy (MAT) are highly 

susceptible to relapse

•

Opioid addiction market is now >$1.2B globally

•

Opioid prescriptions have grown 400% from 1997-2007

•

Hospitalizations have increased 500% over the last 10 years

•

Treatment for abuse of pain relievers increased at a 13% CAGR 

from 2002-2009

Sources: EPIDEMIC: RESPONDING TO AMERICA’S PRESCRIPTION DRUG ABUSE CRISIS,
Executive Office of the President of the United States (2011); 2009 National Survey on 

Drug Use and Health (NSDUH); “A Wave of Addiction and Crime, with the Medicine
Cabinet to Blame”, New York Times (Sept 23, 2010); Drug Abuse Warning Network (DAWN), 

SAMHSA, HHS; “A General in the Drug War”, New York Times (Jun 14,
2011)
 Market Overview

24
 

  
	

	 

•

Methadone tablets mainstay for opioid addition in U.S. from late

1960’s to 2002

•

Strong

restrictions

regarding

patient

access

and

administration

access

in

U.S.

•

Can be lethal and has high potential for misuse, abuse and diversion

•

Subutex

®

and Suboxone

®

oral formulations approved in 2002 

•

Safer than methadone and other opioids

•

Buprenorphine can occupy opioid receptors but produces ”ceiling
effect”
 •

Mitigates euphoric effect and respiratory depression

•

Fewer restrictions on patient access

•

Enabled treatment in office-based setting

•

Misuse, abuse and diversion problematic

•

Naltrexone

•

Opioid antagonist

•

Must be completely detoxified before initiating therapy

•

Minority of opioid addicted patients succeed

Competitors: Few and Well Established with no New 

Innovations on Immediate Horizon 

25
 

  
	

	 

•

Launched in 2003 

•

Global sales exceed $1.2B in 2010 (U.S. sales of $1B)

Source: EvaluatePharma; Reckitt Benckiser 2010 Annual Report

Suboxone

®

Franchise WW Sales

0

200

400

600

800

1000

1200

1400

2003

2004

2005

2006

2007

2008

2009

2010

58% CAGR for

the last 4 years

90% of prescriptions 

were written by 5,037 

physicians

Suboxone

®

Sales 

Exceed $1B a Year in 

the U.S.

Suboxone

®

sales

have 

grown at a 58% CAGR 

over the last 4 years

Extremely Concentrated Prescriber Base

26
 

  
	

	 

Suboxone Prescribing Physicians

27

Breakdown of Suboxone Prescribing Physicians

Other 

12%

Pain/Neuro 

5%

Psych

32%

IM/FP/GP

51%

Source: IMS Health
 

  
	

	 

•

Efficacy

•

Reduction in the use of opioids

•

Retention of patients and their treatment on therapy  

•

Reduction in the use of other substances 

•

Safety and tolerability

•

Risk of overdose 

•

Risk of misuse, abuse, diversion

•

Risk of precipitating withdrawal 

•

Accessibility / cost 

•

Delivery 

•

Onset of action

•

Restrictions on administration

Source: Decision Resources 2011 

Top Unmet Needs Defined by Physicians

28
 

  
	

	 

Efficacy

Effective in reducing illicit opioid use 

Enhanced compliance may lead to superior outcomes

Safety

Lower drug exposure may provide superior safety and tolerability

Ease of Use

Unique delivery system dosed once every six months

Continuous buprenorphine delivery

•

Non-fluctuating blood levels, around-the clock medication

•

Potential 100% compliance

Diversion

Limited access to implants

•

Subcutaneous placement

•

Specific distribution (non-retail)

Probuphine Value Proposition

Probuphine is the first and only potential treatment for opioid dependence 

that can provide continuous and persistent around the clock blood levels 

of buprenorphine for six months, enhancing patient compliance and 

retention and preventing diversion

29
 

  
	

	 

•

Billion dollar market large and growing

•

Significant unmet needs continue to exist in the market 

place

•

Excellent margins due to small, target prescriber population 

•

5,037

physicians

wrote

90%

of

buprenorphine

prescriptions

in

the

U.S.

in 

2010

•

Sales Force of 50 reps can cover majority of prescribers

•

Controlled distribution facilitates efficiency and maintenance of accounts

•

Unique value proposition for Probuphine better addresses 

unmet needs and has the potential to become the new gold 

standard

of

treatment

–

Peak

sales

$300-500m

Market Opportunity Ideal as Specialty Pharma Stand-

alone or as an Addition to Existing CNS Franchise

30
 

  
	

	 

•

Patent applications are for method-of-use claims

•

Method-of-use and similar claims provide strong protection of commercial
product:  
 •

Alternate device or alternate indication would require de novo clinical
trials
 Country

Opioid Dependence

U.S.

Granted (to 2024)

Pending

Europe

Pending

Pending

Japan

Granted (to 2023)

Granted (to 2023)

Canada

Pending

Pending

Mexico

Granted (to 2023)

Granted (to 2023)

Australia

Granted (to 2023)

Granted (to 2023)

New Zealand

Granted (to 2023)

Granted (to 2023)

Hong Kong

Pending

Pending

India

Pending

Pending

Probuphine Intellectual Property

31

Pain Treatment
 

  
	

	 

•

Equity

•

Common Stock Outstanding

59.4m

•

Stock Options/ Restricted Stock

5.6m

–

weighted-average exercise price of $1.56 per share

•

Warrants

13.0m

–

weighted-average exercise price of $1.78 per share

•

December 30, 2011

•

Cash

$   5.4m

•

Debt

$ 12.3m 

–

Principal $10m + Present Value of Interest $2.3m

Financial Summary

32
 

  
	

	 

Probuphine

•

Billion dollar opioid dependence market is large and growing

•

Worldwide: > 6m people addicted to opioids

•

Addresses significant unmet needs that exist in the market place

•

Reduction in the use of opioids 

•

Retention of patients on therapy (persistence and compliance)

•

Diversion, abuse

•

Probuphine has the potential to be the first long acting therapeutic on the 

market for the treatment of opioid dependence

•

Six month controlled release formulation of buprenorphine has key advantages in

 patient compliance to treatment, and avoidance of diversion/abuse

•

$300-500m potential annual peak sales in opioid dependence

•

Potential application in treating chronic pain

•

Goal to establish U.S. commercialization partnership by the time

of NDA filing

ProNeura

•

Possible applications of technology for long term drug delivery in other 

chronic illnesses, e.g. Parkinson’s Disease

Titan Pharmaceuticals Summary

33
 

  
	

	 

Marc Rubin, M.D.    

July 30, 2008

34
 

  
	

	 

Buprenorphine Implant

35
 

  
	

	 

Insertion Applicator

36
 

  
	

	 

Insertion Location

37
 

  
	

	 

Removal Clamp

38
 

  
	

	 

Summary of Non-Implant Site Adverse Events 

Frequency (

10% in Any Treatment Group) 

PRO-805

PRO-807

Probuphine

(n = 108)

Placebo

(n = 55)

Probuphine

(n = 62)

System Organ Class

n

%

n

%

n

%

Any Adverse Events

85

78.7

41

74.5

43

69.4

Gastrointestinal

Constipation

15

13.9

3

5.5

8

12.9

Diarrhea

6

5.6

7

12.7

2

3.2

Nausea

15

13.9

7

12.7

2

3.2

Toothache

12

11.1

3

5.5

3

4.8

Infections

Nasopharyngitis

15

13.9

3

5.5

2

3.2

Upper Respiratory

14

13.0

6

10.9

3

4.8

Musculoskeletal

Back Pain

13

12.0

3

5.5

5

8.1

Nervous System

Headache

27

25.0

10

18.2

11

17.7

Psychiatric

Anxiety

11

10.2

5

9.1

2

3.2

Insomnia

23

21.3

12

21.8

8

12.9

39
 

  
	

	 

PRO-806

PRO-811

Probuphine

(n = 114)

Placebo

(n = 54)

Suboxone

(n = 119)

Probuphine

(n = 85)

System Organ Class

n

%

n

%

n

%

n

%

Any Adverse Events

77

67.5

33

61.1

85

71.4

57

67.1

Gastrointestinal

Constipation

5

4.4

1

1.9

5

4.2

2

2.4

Diarrhea

2

1.8

3

5.6

2

1.7

2

2.4

Nausea

7

6.1

1

1.9

8

6.7

3

3.5

Toothache

4

3.5

1

1.9

5

4.2

3

3.5

Infections

Nasopharyngitis

6

5.3

3

5.6

12

10.1

2

2.4

Upper Respiratory

10

8.8

4

7.4

11

9.2

7

8.2

Musculoskeletal

Back Pain

6

5.3

3

5.6

7

5.9

5

5.9

Nervous System

Headache

15

13.2

5

9.3

19

16.0

10

11.8

Psychiatric

Anxiety

2

1.8

3

5.6

6

5.0

3

3.5

Insomnia

9

7.9

8

14.8

16

13.4

2

2.4

Summary of Non-Implant Site Adverse Events 

Frequency (   10% in Any Treatment Group) 

40
 

  
	

	 

Summary of Implant Site Adverse Events Frequency 

(

10%

in

Any

Treatment

Group) 

PRO-805

PRO-807

PRO-806

PRO-811

Probuphine

(n = 108)

Placebo

(n = 55)

Probuphine

(n = 62)

Probuphine

(n = 114)

Placebo

(n = 54)

Probuphine

(n = 85)

Erythema

25.0%

21.8%

25.8%

3.5%

0%

1.2%

Edema

13.0%

9.1%

12.9%

1.8%

0%

0.0%

Itching

25.0%

14.5%

19.4%

4.4%

3.7%

1.2%

Pain

22.2%

10.9%

19.4%

8.8%

9.3%

0.0%

Bleeding

12.0%

12.7%

16.1%

1.8%

3.7%

3.5%

Bruising

5.6%

14.5%

9.7%

7.9%

11.1%

3.6%

Scar

9.3%

12.7%

1.6%

0%

0%

1.6%

41

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