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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 announced a $9.7 million registered direct offering of common stock and warrants to accredited institutional investors. The company will sell 2,725,000 shares at $3.55 each, with concurrent warrants to buy an equivalent number of shares. After expenses, net proceeds are expected to be approximately $8.9 million, with the offering closing around January 20, 2021. Maxim Group LLC is the placement agent. The shares are offered under a previously effective shelf registration statement.
Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) announced on December 15, 2020, that it has regained compliance with Nasdaq's minimum bid price requirement. This confirmation allows the company's common stock to continue trading on the Nasdaq Capital Market, and the scheduled hearing before the Nasdaq Hearings Panel has been cancelled. Titan is a development-stage company focused on proprietary therapeutics utilizing its ProNeura® long-term drug delivery technology, which aims to improve medical outcomes for chronic conditions.
Titan Pharmaceuticals (NASDAQ: TTNP) has executed a 1-for-30 reverse stock split, effective November 30, 2020, at 5:00 p.m. ET. The decision, approved by shareholders, will reduce the total outstanding shares to approximately 6.6 million. Trading under the new CUSIP number (888314606) on a split-adjusted basis will commence on December 1, 2020. No fractional shares will be issued, with shares rounded up to the next whole number. The reverse split aims to improve stock market perception and maintain compliance with listing requirements.
Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) reported its third quarter 2020 financial results, showing revenues of approximately $1.1 million, up from $0.9 million in Q3 2019. The company announced a strategic restructuring, focusing on ProNeura® development and discontinuing U.S. Probuphine implant sales. It raised approximately $8.1 million from direct and public offerings and settled all debt obligations. Despite increased operating expenses of $5.8 million, Titan aims to implement its new strategy post-restructuring. The net loss for the quarter was $4.9 million, or $0.05 per share.
Titan Pharmaceuticals (NASDAQ:TTNP) has completed agreements to settle all debt obligations with Molteni & C and Horizon Credit LLC, and to acquire JT Pharmaceuticals' kappa opioid agonist peptide, JT-09. This acquisition aims to utilize Titan's ProNeura technology for chronic pruritus treatment. The completion of these transactions follows Titan's recent public offering concluded on October 30, 2020. Titan's Executive Chairman, Dr. Marc Rubin, stated that the debt settlement allows the company to fully leverage its intellectual property, enhancing its position for future development.
Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) has priced an underwritten public offering of 80,000,000 units at $0.10 each, expecting gross proceeds of $8.0 million. Each unit consists of one share of common stock and one warrant, with an exercise price of $0.10. The offering will close around October 30, 2020, and is managed by Maxim Group LLC. The registration statement was declared effective by the SEC on October 28, 2020, and further details will be available in a final prospectus.
Titan Pharmaceuticals (NASDAQ:TTNP) announced an agreement to acquire JT Pharmaceuticals' kappa opioid agonist peptide, JT-09, for treating chronic pruritus. This acquisition aims to utilize Titan's ProNeura® long-term drug delivery technology to enhance treatment efficacy. Subject to financing of at least $8 million and other customary conditions, JT Pharma will receive milestone payments for regulatory achievements and a percentage of net sales. Early non-clinical data suggests promising delivery capabilities for the proposed therapy.
Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) announced a debt settlement with Molteni & C. dei F.lli Alitti and Horizon Credit LLC II, resolving approximately $5.2 million in debt for $1.6 million in cash and asset transfers. This settlement is a significant step towards the company's restructuring, eliminating liens on remaining assets. Titan is winding down U.S. commercial activities for its Probuphine product, with expectations to complete this process soon. The agreement's closing is contingent on customary conditions and financing completion.
Titan Pharmaceuticals (NASDAQ:TTNP) announced a strategic restructuring on October 15, 2020, focusing on ProNeura-based product development. Key changes include discontinuing U.S. sales of Probuphine, reducing operating costs, and negotiating debt elimination. The company aims to enhance its R&D capabilities, particularly with a kappa opioid receptor agonist and a nalmefene implant. Despite having a grant of $8.7 million for nalmefene development, challenges persist in commercializing Probuphine due to financial constraints and low market demand, exacerbated by the COVID-19 pandemic.
Titan Pharmaceuticals (NASDAQ: TTNP) announced a registered direct offering of 19,440,000 shares at $0.14 per share, raising approximately $2.5 million after expenses. The offering is set to close around September 28, 2020. Maxim Group LLC acts as the sole placement agent. This transaction allows Titan to bolster finances for ongoing operations and product developments, including its lead product, Probuphine, a treatment for opioid use disorder. The offering is conducted under a shelf registration statement effective since April 24, 2019.
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