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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, Inc. (NASDAQ: TTNP) announced FDA clearance of its Investigational New Drug (IND) application for a Phase 1 study of a six-month subdermal nalmefene implant, targeting Opioid Use Disorder (OUD) relapse prevention. This milestone reflects the company's progress in developing long-term addiction treatment solutions with its ProNeura technology. CEO Kate Beebe DeVarney emphasized the significance of this achievement, noting support from the National Institute for Drug Addiction. The company's strategic alternatives evaluation process began in December 2021.
Titan Pharmaceuticals (NASDAQ: TTNP) announced a registered direct offering and a concurrent private placement, raising approximately $5.5 million. The company is selling 3,374,242 shares at $1.18 each, alongside 1,289,796 pre-funded warrants, and warrants for 4,664,038 shares. The offerings, expected to close on February 4, 2022, aim to enhance the company’s financial position. Maxim Group LLC is the exclusive placement agent for the offerings. This move may support ongoing development programs leveraging the ProNeura delivery technology for chronic conditions.
Titan Pharmaceuticals (NASDAQ: TTNP) announced on December 21, 2021, that it is exploring strategic alternatives to enhance shareholder value. The company has engaged Maxim Group LLC as its exclusive financial advisor for this process. Potential alternatives include acquisitions, mergers, asset sales, and licensing transactions, although no assurance is provided that these will lead to successful outcomes. Titan also highlighted its ProNeura technology, which has shown promise in treating chronic conditions and has already been validated through the FDA approval of Probuphine.
Titan Pharmaceuticals (NASDAQ: TTNP) presented positive data on TP-2021 at the Society for Neuroscience 2021 Meeting. The ongoing study shows that high-dose TP-2021 implants significantly reduce scratching behavior in a mouse model for up to 56 days, with no safety issues noted. The implants maintain supra-therapeutic plasma levels through Day 84. Titan's ProNeura technology may provide sustained treatment for chronic pruritus, potentially eliminating the need for frequent oral dosing. Additional efficacy data is anticipated in the coming months.
Titan Pharmaceuticals announced the presentation of data from ongoing studies of its ProNeura®-based TP-2021 implant for chronic pruritus at the Society for Neuroscience 2021 Meeting on November 8. Chronic pruritus is a severe condition characterized by persistent itching, complicating treatment due to its multifactorial nature. Titan develops therapeutics using its ProNeura technology, aimed at providing long-term drug delivery for chronic conditions. This may enhance patient outcomes in managing complex diseases.
Titan Pharmaceuticals (NASDAQ: TTNP) announced funding from the Bill & Melinda Gates Foundation for developing a dual-purpose implant delivering both an HIV preventative and contraceptive. This initiative aims to enhance access to essential healthcare for women and adolescent girls in low- and middle-income countries. Dr. Marc Rubin highlighted the ProNeura technology's unique capability for long-term delivery of active ingredients from a single implant, potentially improving health outcomes compared to daily dosing.
Titan Pharmaceuticals (NASDAQ: TTNP) announced a research and option license agreement with MUSC Foundation for Research Development on October 12, 2021. This agreement involves Titan undertaking research and development of three kappa-opioid receptor agonist compounds based on a provisional U.S. patent from MUSC. Titan aims to leverage its ProNeura technology, which has shown promising results in previous studies, to potentially strengthen its patent portfolio. The collaboration is poised to enhance Titan's product development capabilities in therapeutics.
Titan Pharmaceuticals (NASDAQ: TTNP) announced positive results from studies of its ProNeura®-based implant of TP-2021, a kappa-opioid receptor agonist, in a mouse model for chronic pruritus. The study demonstrated that TP-2021 implants provided sustained itch suppression for 14 days and maintained therapeutic plasma concentrations. This indicates potential for long-term treatment options for chronic itch, with plans for further optimization and human clinical development. Titan is focused on leveraging its ProNeura technology for various chronic conditions.
Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) filed its annual report on Form 10-K for the fiscal year ending December 31, 2020, reporting a net loss of approximately $7.4 million from continuing operations, down slightly from $7.5 million in 2019. The discontinued operations incurred a net loss of $10.8 million, compared to $9.0 million in the prior year. Cash and cash equivalents stood at $5.4 million at year-end, supplemented by $8.9 million from a January 2021 offering, expected to sustain operations into Q1 2022. The company continues to focus on early-stage product development following its strategic restructuring.
Titan Pharmaceuticals (NASDAQ: TTNP) announced positive results for its kappa opioid agonist peptide, JT-09, showing high potency for the human kappa-opioid receptor. The studies indicated that JT-09 is as effective as difelikefalin in reducing itch in mouse models. With potential therapeutic concentrations deliverable via ProNeura implants for over six months, Titan plans to advance to a non-clinical proof-of-concept study. These developments aim to address chronic pruritus, a challenging condition for effective treatment.
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