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Titan Pharmaceuticals Inc (symbol: TTNP) is a pioneering pharmaceutical company dedicated to developing proprietary therapeutics for treating serious medical disorders. The company's flagship product, Probuphine®, is a groundbreaking treatment for opioid dependence, providing continuous, around-the-clock blood levels of buprenorphine for six months following a single procedure. This innovative therapy was approved by the U.S. Food and Drug Administration (FDA) in May 2016 and is currently being commercialized in the U.S. by its partner, Braeburn Pharmaceuticals.
Probuphine leverages Titan's proprietary drug delivery system, ProNeura™, which ensures a sustained, consistent release of medication for up to 12 months. This technology holds significant potential for treating other chronic conditions, such as Parkinson's disease and hypothyroidism, where maintaining consistent medication levels can greatly enhance patient outcomes.
Titan Pharmaceuticals Inc is classified as a development-stage company, focusing on long-term, continuous drug delivery technologies. ProNeura's versatility in sustaining drug delivery makes it a promising candidate for addressing various chronic medical needs.
Recently, Titan Pharmaceuticals achieved a notable milestone by securing $2 million in upfront payments, with the potential to receive up to $50 million in milestone payments, alongside single-digit royalty payments on future net sales. This financial boost underscores the company's progress and promising future prospects.
For media and investor inquiries, please contact Kate Beebe DeVarney, Ph.D., President and Chief Operating Officer, at (650) 989-2268.
Titan Pharmaceuticals (NASDAQ: TTNP) has received two notices from Nasdaq regarding listing compliance issues. The first notice on November 22, 2024, concerns the company's failure to file its Q3 2024 Form 10-Q on time. Titan has until January 21, 2025, to submit a compliance plan and may receive up to 180 days (until May 19, 2025) to file the report. The second notice on November 25, 2024, addresses non-compliance with audit committee requirements following Brynner Chiam's appointment. The company has until November 6, 2025, to resolve this issue and plans to appoint an additional independent director to the Board and Audit Committee.
Titan Pharmaceuticals (NASDAQ: TTNP) has entered into a Merger Agreement with KE Sdn. Bhd. for a reverse merger transaction. The deal involves a two-step process: TTNP Merger Sub will merge with Titan, making Titan a wholly-owned subsidiary of BSKE KE shareholders can then exchange their shares for BSKE ordinary shares. Post-merger, KE and Titan shareholders are expected to own 86.7% and 13.3% of the combined company, respectively. Dato' Seow Gim Shen, Titan's CEO and KE's major shareholder, will own 48.9% of the combined entity. The merger aims to create value for Titan stockholders by combining with KE, a distributor of human capital management solutions in Asia Pacific. The deal is subject to stockholder approval, Nasdaq listing approval, and other customary conditions.
Titan Pharmaceuticals (NASDAQ: TTNP) has signed a non-binding letter of intent for a proposed reverse merger with a notable Advanced Air Mobility (AAM) developer. CEO David E. Lazar highlighted the growth potential in the AAM sector while indicating progress in strategic transactions. The merger is contingent upon several factors, including board and shareholder approval, and raising additional financing to maintain Nasdaq listing. Despite the optimistic tone, there is uncertainty surrounding the completion of the merger, and the letter of intent offers no guarantees for finalization.
Titan Pharmaceuticals has granted an exclusive license to Ocular Therapeutix for ophthalmic uses of certain patent applications in the U.S. This agreement includes an upfront licensing fee and potential milestone payments. Dr. Kate Beebe DeVarney, President and COO of Titan, expressed satisfaction with the deal, highlighting the company's efforts to monetize its scientific assets. Titan focuses on using its ProNeura® drug delivery technology to develop therapeutics for chronic conditions, aiming to enhance shareholder value.
Titan Pharmaceuticals (NASDAQ: TTNP) announced a significant expansion of its Board of Directors from five to eleven members, with six new directors elected at a special meeting on August 15, 2022. The new appointments stem from a nominee slate proposed by Activist Investing LLC. David E. Lazar was appointed interim Chairman and CEO, succeeding Marc Rubin, who remains on the Board. Lazar emphasized the restructured Board's extensive experience in pharmaceuticals and corporate governance, aiming to enhance shareholder value through strategic transactions.
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