Ansan, Discovery Lab, Titan deal

ANSN will merge with privately held Discovery Laboratories, a developer of drugs to treat critical respiratory conditions. ANSN plans to issue common shares in the transaction. In addition, Discovery Laboratories will purchase ANSN convertible preferred stock for $1.3 million. ANSN shareholders will own 10 percent of the combined company.

In connection with the transactions, ANSN agreed to exclusively sublicense certain butyrate compounds to TTNP for undisclosed indications in exchange for a 2 percent royalty and the transfer to ANSN of all of TTNP's equity interest in ANSN, which will retire the shares. TTNP owns 43 percent of ANSN's 2.9 million shares outstanding. ANSN also will repay a $1.2 million debt to TTNP. ANSN had $2.2 million in cash as of March 31. ...