TTNP Titan Pharmaceuticals Inc.

0.17
+0.01  (+3%)
Previous Close 0.16
Open 0.17
52 Week Low 0.142
52 Week High 0.5888
Market Cap $16,527,941
Shares 97,223,180
Float 96,943,785
Enterprise Value $16,290,940
Volume 4,223,743
Av. Daily Volume 4,611,842
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Drug Pipeline

Drug Stage Notes
Ropinirole implant
Parkinson's disease
Phase 1/2
Phase 1/2
Phase 1/2 treatment has commenced - noted October 11, 2017. DSMB recommended trial to continue - July 2, 2018 but further enrollment has been postponed due to lack of resources.
Probuphine
Opioid dependence
Approved
Approved
CRL issued April 30, 2013. Approved May 26 2016

Latest News

  1. SOUTH SAN FRANCISCO, Calif., Sept. 24, 2020 /PRNewswire/ -- Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) today announced it has entered into a share purchase agreement with certain accredited institutional investors to purchase 19,440,000 shares of its common stock in a registered direct offering at a purchase price of $0.14 per share.

    Titan expects the net proceeds from the offering to be approximately $2.5 million after deducting the placement agent's fees and other estimated offering expenses. The offering is expected to close on or about September 28, 2020, subject to the satisfaction of customary closing conditions.

    Maxim Group LLC is acting as the sole placement agent in connection with the offering

    The shares of common stock are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-230742), which was declared effective by the United States Securities and Exchange Commission ("SEC") on April 24, 2019.

    This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. A prospectus supplement relating to the shares of common stock will be filed by Titan with the SEC. When available, copies of the prospectus supplement relating to the registered direct offering, together with the accompanying prospectus, can be obtained at the SEC's website at www.sec.gov or from Maxim Group LLC, 405 Lexington Avenue, New York, NY 10174, Attention: Syndicate Department, or via email at or telephone at (212) 895-3745.

    About Titan Pharmaceuticals

    Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), based in South San Francisco, CA, is a commercial stage company developing proprietary therapeutics with its ProNeura™ long-term, continuous drug delivery technology. The company's lead product is Probuphine® (buprenorphine) implant, a novel and long-acting formulation of buprenorphine for the long-term maintenance treatment of opioid use disorder ("OUD"). Approved by the U.S. Food and Drug Administration in May 2016, Probuphine is the first and only commercialized treatment for eligible patients with OUD to provide continuous, around-the-clock blood levels of buprenorphine for six months following a single procedure. The ProNeura technology also has the potential to be used in developing products for treating other chronic conditions, where maintaining consistent, around-the-clock blood levels of medication may benefit the patient and improve medical outcomes. For more information about Titan, please visit www.titanpharm.com.

    Forward-Looking Statements

    This press release 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. Such statements include, but are not limited to, any statements relating to our product development programs and any other statements that are not historical facts. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from management's current expectations include those risks and uncertainties relating to the commercialization of Probuphine, the regulatory approval process, the development, testing, production and marketing of our drug candidates, patent and intellectual property matters and strategic agreements and relationships. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

    CONTACTS:

    Stephen Kilmer

    Investor Relations

    (650) 989-2215

    Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/titan-pharmaceuticals-announces-pricing-of-2-7-million-registered-direct-offering-301137425.html

    SOURCE Titan Pharmaceuticals, Inc.

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  2. SOUTH SAN FRANCISCO, Calif., Sept. 18, 2020 /PRNewswire/ -- Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) ("Titan" or the "Company") announced that, at today's special meeting, its stockholders approved the proposal to amend Titan's certificate of incorporation to increase the number of authorized shares of common stock from 125 million to 225 million (the "Amendment").

    The voting results are available in our Current Report on Form 8-K filed with the SEC today.

    "On behalf of the Board and management team, I would like to thank our stockholders for their continued support and we look forward to updating you on our progress," said Titan's Executive Chairman, Dr. Marc Rubin.

    About Titan Pharmaceuticals

    Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), based in South San Francisco, CA, is a commercial stage company developing proprietary therapeutics with its ProNeura® long-term, continuous drug delivery technology. The Company's lead product is Probuphine® (buprenorphine) implant, a novel and long-acting formulation of buprenorphine for the long-term maintenance treatment of opioid dependence. Approved by the U.S. Food and Drug Administration in May 2016, Probuphine is the first and only commercialized treatment of opioid dependence to provide continuous, around-the-clock blood levels of buprenorphine for six months following a single procedure. The ProNeura technology also has the potential to be used in developing products for treating other chronic conditions such as Parkinson's disease and hypothyroidism, where maintaining consistent, around-the-clock blood levels of medication may benefit the patient and improve medical outcomes. For more information about Titan, please visit www.titanpharm.com.

    Forward-Looking Statements

    This press release 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. Such statements include, but are not limited to, any statements relating to our product development programs and any other statements that are not historical facts. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from management's current expectations include those risks and uncertainties relating to the commercialization of Probuphine; the regulatory approval process; Titan's ability to access capital; the development, testing, production and marketing of our drug candidates; patent and intellectual property matters; and strategic agreements and relationships.  We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

    CONTACTS:

    Sunil Bhonsle

    President & CEO

    (650) 244-4990

    Stephen Kilmer

    Investor Relations

    (650) 989-2215

    Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/titan-pharmaceuticals-stockholders-approve-proposal-to-amend-its-certificate-of-incorporation-301134103.html

    SOURCE Titan Pharmaceuticals, Inc.

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  3. SOUTH SAN FRANCISCO, Calif., Sept. 15, 2020 /PRNewswire/ -- Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) ("Titan" or the "Company") today announced that its partner, Molteni Farmaceutici ("Molteni"), has entered into an exclusive distribution agreement with Accord Healthcare Europe ("Accord") for the commercialization of Sixmo®-(6-months buprenorphine implant), the brand name for Probuphine® in the European Union ("EU").

    This distribution agreement brings together the expertise and heritage of Molteni in the specialty opioid addiction market with the extensive commercial reach of Accord, one of the fastest growing pharmaceutical companies in Europe.

    "Accord is a global pharmaceutical company with a strong presence across Europe; the decision to enter the addiction treatments' space with Sixmo confirms the attractiveness of our novel product as well as the potential of our proprietary technology to contribute to the fight against the global opioid epidemic. We are preparing to ship to Molteni the product supply for the European launch," said Titan's President and CEO, Sunil Bhonsle. "Pursuant to our asset purchase, supply and support agreement with Molteni, we are entitled to approximately $1.1 million in future milestone payments and royalty payments on net sales of Sixmo, commencing in the second half of 2021."

    About Titan Pharmaceuticals

    Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), based in South San Francisco, CA, is a commercial stage company developing proprietary therapeutics with its ProNeura® long-term, continuous drug delivery technology. The Company's lead product is Probuphine® (buprenorphine) implant, a novel and long-acting formulation of buprenorphine for the long-term maintenance treatment of opioid dependence. Approved by the U.S. Food and Drug Administration in May 2016, Probuphine is the first and only commercialized treatment of opioid dependence to provide continuous, around-the-clock blood levels of buprenorphine for six months following a single procedure. The ProNeura technology also has the potential to be used in developing products for treating other chronic conditions such as Parkinson's disease and hypothyroidism, where maintaining consistent, around-the-clock blood levels of medication may benefit the patient and improve medical outcomes. For more information about Titan, please visit www.titanpharm.com.

    Forward-Looking Statements

    This press release 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. Such statements include, but are not limited to, any statements relating to our product development programs and any other statements that are not historical facts. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from management's current expectations include those risks and uncertainties relating to the commercialization of Probuphine; the regulatory approval process; Titan's ability to access capital; the development, testing, production and marketing of our drug candidates; patent and intellectual property matters; and strategic agreements and relationships.  We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

    CONTACTS:

    Sunil Bhonsle

    President & CEO

    (650) 244-4990

    Stephen Kilmer

    Investor Relations

    (650) 989-2215

     

    Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/titans-probuphine-commercialization-partner-molteni-enters-into-exclusive-european-distribution-agreement-with-accord-healthcare-301130889.html

    SOURCE Titan Pharmaceuticals, Inc.

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  4. SOUTH SAN FRANCISCO, Calif., Sept. 14, 2020 /PRNewswire/ -- Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) ("Titan" or the "Company") today provided an update on the upcoming special meeting of stockholders (the "Meeting") in response to recent stockholder inquiries regarding the number of meeting adjournments. The sole purpose of the Meeting is to seek approval of a proposal to amend Titan's certificate of incorporation to increase the number of authorized shares of common stock.

    Without approval of the share increase, the several strategic alternatives management has been exploring with the Company's bankers will not be possible. The failure to obtain stockholder approval will almost certainly result in the cessation of Titan's operations and likely a total loss of value to stockholders, given the pledge of all of the Company's assets as security for its outstanding debt.

    The goal of Titan's Board of Directors is to enable as many stockholders as possible to exercise their right to vote. In contrast to many other types of proposals, the amendment to effect the share increase requires a higher hurdle – the affirmative votes from a majority of the outstanding shares entitled to vote.  Since Titan has a large retail stockholder base, this task poses greater challenges than in the past. Importantly, some of the newer, popular brokerage firms do not exercise their permitted discretion to vote shares held in their accounts without explicit direction from the beneficial holder, and companies such as Titan are finding it quite difficult and time consuming to reach individual investors who hold shares in street name.

    Prior to each meeting adjournment, the Board examined the voting data and determined, in light of the fact that a substantial majority of votes received to date have been in favor of the proposal, that it would be in the best interest of stockholders to extend the date of the meeting, particularly in light of the stakes involved. As of the close of business on September 11, 2020, approximately 30.7 million shares (28.3% of the record date shares) had not yet been voted. Of those shares that were voted, approximately 72% were in favor of the amendment proposal. The affirmative vote of holders of only 1,251,207 shares (less than 1.5% of the record date shares) are now needed to file the amendment and effect the authorized share increase.

    "I and my fellow Board members would like to thank those stockholders who have already voted in favor of the proposal, which if approved should enable the continuation of Titan's operations by facilitating the raising of capital as well as the pursuit of strategic alternatives," said Titan's Executive Chairman, Dr. Marc Rubin. "And, to those who have not yet voted, we implore you to do so now."

    About Titan Pharmaceuticals

    Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), based in South San Francisco, CA, is a commercial stage company developing proprietary therapeutics with its ProNeura® long-term, continuous drug delivery technology. The Company's lead product is Probuphine® (buprenorphine) implant, a novel and long-acting formulation of buprenorphine for the long-term maintenance treatment of opioid dependence. Approved by the U.S. Food and Drug Administration in May 2016, Probuphine is the first and only commercialized treatment of opioid dependence to provide continuous, around-the-clock blood levels of buprenorphine for six months following a single procedure. The ProNeura technology also has the potential to be used in developing products for treating other chronic conditions such as Parkinson's disease and hypothyroidism, where maintaining consistent, around-the-clock blood levels of medication may benefit the patient and improve medical outcomes. For more information about Titan, please visit www.titanpharm.com.

    Forward-Looking Statements

    This press release 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. Such statements include, but are not limited to, any statements relating to our product development programs and any other statements that are not historical facts. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from management's current expectations include those risks and uncertainties relating to the commercialization of Probuphine; the regulatory approval process; Titan's ability to access capital; the development, testing, production and marketing of our drug candidates; patent and intellectual property matters; and strategic agreements and relationships.  We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

    CONTACTS:

    Sunil Bhonsle

    President & CEO

    (650) 244-4990

    Stephen Kilmer

    Investor Relations

    (650) 989-2215

     

    Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/titan-pharmaceuticals-provides-update-to-stockholders-on-proposal-to-amend-its-certificate-of-incorporation-301129925.html

    SOURCE Titan Pharmaceuticals, Inc.

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  5. SOUTH SAN FRANCISCO, Calif., Aug. 14, 2020 /PRNewswire/ -- Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) ("Titan" or the "Company") today reported financial results for the second quarter ended June 30, 2020 and provided an update on its business.

    Second Quarter 2020 Highlights

    • In June 2020, Titan initiated a fully-virtual Probuphine® (buprenorphine) implant Risk Evaluation and Mitigation Strategy ("REMS") training and certification program for qualified health care providers ("HCPs") who treat patients with Opioid Use Disorder ("OUD").
    • In June 2020, the Company entered into a co-promotion partnership with Indegene, Inc., a leading healthcare solutions company, to establish multichannel digital marketing programs throughout the United States to increase awareness of Probuphine as a long-term maintenance treatment for OUD, and expand the capabilities for the engagement of HCPs who can be certified to prescribe Probuphine to eligible patients.
    • Since January 1, 2020, Titan received proceeds of approximately $7.0 million as a result of the exercise of previously issued common stock purchase warrants.

    COVID-19 Impact and Adjusted Probuphine Commercial Strategy

    Early this year, Titan implemented its staffing plans for expanded commercial operations with additions to its sales and medical liaison teams, including support from additional marketing and medical access staff to enable improved coverage across all 50 states and Puerto Rico. Unfortunately, the COVID-19 pandemic-related shelter in place and social distancing restrictions and minimized personal physician/patient interaction have hindered the full effectiveness of the commercial team. In order to try and mitigate the impact of the ongoing public health crisis, Titan has undertaken a number of key activities during this period, including:

    • Training the commercial team in utilizing digital communication techniques to establish relationships with existing and new HCPs and their staff;
    • Providing Probuphine information in electronic format for ease of virtual communication for HCPs to use with their patients and to highlight the potential benefits of Probuphine as a treatment modality in the increasing telemedicine environment;
    • Establishing a social media presence in select geographies to increase awareness of Probuphine and enhance its share of voice in the OUD medication assisted treatment space;
    • Rapidly developing and obtaining FDA approval to implement a virtual REMS training program to certify HCPs during this period; and
    • Seeking partnering opportunities to increase the commercial capabilities in support of Probuphine.

    "We continue to adapt to this ever-changing pandemic environment, and thanks to our dedicated staff, we are making progress," said Titan's President and CEO, Sunil Bhonsle. "We are pleased with the FDA's prompt approval of our fully-virtual REMS training program, which enables us to continue to certify HCPs to prescribe and administer Probuphine, facilitating access to our six-month maintenance treatment option for eligible patients with OUD. Our commercial team continues to focus on digital outreach to establish relationships with the medical community and to inform HCPs, their staff and their patients of the potential benefits of Probuphine, particularly at a time when patient/physician interactions are limited. Following a substantial decline in the number of patient enrollments for Probuphine treatment during the first two months of the quarter, clinics in certain regions began to see an increase in enrollments in June, which has continued. We believe this is an early indication that the efforts of our commercial team are working and we look forward to continued progress in the coming months."

    Probuphine is indicated for the maintenance treatment of OUD in eligible patients.

    Please see Full Indication and Important Safety Information below, and link below to Full Prescribing Information.

    "Our goal is to increase the use of Probuphine for the maintenance treatment of OUD, and in the current environment, our recently established co-promotion partnership with Indegene is timely," said Titan's Executive Chairman, Dr. Marc Rubin. "With the support of our commercial team, Indegene's capabilities provide Titan with sophisticated multichannel marketing tools, predictive analytics and social media campaigns that will be critical to expanding our outreach to the medical community and patients. The first virtual nationwide outreach campaign commenced last week, and the Titan-Indegene team is looking forward to continuing the implementation of a comprehensive program over the next few months. During the third quarter we will also implement a three-month program to seek and assist patients who may be suitable for treatment with Probuphine and connect them with REMS-certified HCPs. I want to emphasize that our progress can be sustained only if our stockholders approve the proposal to increase the authorized shares at our special stockholder meeting scheduled for August 31, 2020.

    "In addition, Sunil has expressed his desire to retire, hopefully by the end of the year. To prepare for this transition, and contingent on our ability to raise additional capital, we will look for a successor with experience in the commercial space, as we continue our transition to a commercial-stage company."

    Second Quarter 2020 Financial Results

    For the three months ended June 30, 2020, Titan reported approximately $1.3 million in revenue, which reflects approximately $0.1 million in product sales and approximately $1.2 million related to the Company's National Institute on Drug Abuse ("NIDA") grant. This compared with revenues of approximately $0.5 million in the same period in 2019, which was comprised of $0.3 million in product sales and $0.2 million related to the NIDA grant. Product revenue during the quarter ended June 30, 2020 declined substantially from the comparable period in 2019 due to substantial decreases in unit sales volumes, increased utilization of our patient assistance programs and the COVID-19 pandemic and the related shelter in place restrictions and clinic closures. Also, the second quarter of 2019 unit sales volume included initial purchases by a specialty pharmacy. 

    Total operating expenses for the second quarter of 2020 were approximately $5.7 million, compared with approximately $5.4 million from the same quarter in 2019, and consisted primarily of research and development ("R&D") and selling, general and administrative ("SG&A") expenses and costs of goods sold, inclusive of distribution expenses. R&D expenses for the quarter ended June 30, 2020 were approximately $2.0 million, compared to approximately $1.9 million in the same three month period in 2019. SG&A expenses for the 2020 second quarter were approximately $3.5 million, compared with approximately $3.2 million in the same quarter a year ago. Costs of goods sold for the second quarter of 2020 were approximately $0.2 million, consistent with the 2019 second quarter.

    Net other expense, consisting primarily of interest expense, was approximately $0.3 million in the second quarter of 2020, consistent with the second quarter of 2019.

    Net loss applicable to common stockholders in the second quarter of 2020 was approximately $4.6 million, or approximately $0.05 per share, compared with a net loss applicable to common stockholders of approximately $5.2 million, or approximately $0.38 per share, in the same quarter in 2019.

    As of June 30, 2020, Titan had cash and cash equivalents of approximately $5.5 million, which the Company believes are sufficient to fund planned operations through the third quarter of 2020.

    Conference Call Details

    Titan management will host a conference call today at 12:00 p.m. ET / 9:00 a.m. PT to review these financial results and discuss business developments in the period. The conference call will be hosted by Sunil Bhonsle, President and CEO; Kate Beebe DeVarney, Ph.D., Executive Vice President and Chief Scientific Officer; Brian Crowley, Vice President of Finance; Joe Schrei, Executive Director, Commercial Operations; Mike Fritz, National Sales Director; and Marc Rubin, M.D., Executive Chairman.

    The live conference call may be accessed by dialing 1-888-317-6003 (U.S.) or 1-412-317-6061 (international) and providing passcode 8493149. The call will also be broadcast live and archived on Titan's website at www.titanpharm.com/news/events.    

    About Probuphine

    Probuphine is the only subdermal implant designed to deliver buprenorphine continuously for six months following insertion.

    Probuphine was developed using ProNeura®, the continuous drug delivery system developed by Titan that consists of a small, solid implant made from a mixture of ethylene-vinyl acetate and a drug substance. The resulting construct is a solid matrix that is placed subdermally, normally in the upper inner arm in an outpatient office procedure and removed in a similar manner at the end of the treatment period. The U.S. Food and Drug Administration ("FDA") approved Probuphine in May 2016, and it is the first and only buprenorphine implant available for the maintenance treatment of opioid addiction in eligible patients.

    IMPORTANT SAFETY INFORMATION INCLUDING INDICATION AND BOXED WARNING

    INDICATION

    PROBUPHINE is an implant that contains the medicine buprenorphine. PROBUPHINE is used to treat certain adults who are addicted to (dependent on) opioid drugs (either prescription or illegal). PROBUPHINE is indicated for the maintenance treatment of opioid dependence in patients who have achieved and sustained prolonged clinical stability on low-to-moderate doses (doses no more than 8 mg per day) of a buprenorphine-containing product.

    PROBUPHINE is part of a complete treatment program that also includes counseling and behavioral therapy.

    It is not known if PROBUPHINE is safe or effective in children less than 16 years of age.

    IMPORTANT SAFETY INFORMATION











    WARNING: COMPLICATIONS FROM INSERTION AND REMOVAL OF PROBUPHINE



    See Full Prescribing Information for complete Boxed Warning







    Serious complications may happen from insertion and removal of PROBUPHINE, including:





    Nerve or blood vessel injury in your arm





    Movement of implant (migration). PROBUPHINE or pieces of it can move into blood vessels, possibly to your lung, and could lead to death





    Implant sticks out of the skin (protrusion)





    Implant comes out by itself (expulsion)





    Call your healthcare provider right away if: 

    • PROBUPHINE sticks out of the skin or comes out by itself
    • You have bleeding or symptoms of infection at the site after insertion or removal, including excessive or worsening itching, pain, irritation, redness, or swelling
    • You have numbness or weakness in your arm after the insertion or removal procedure
    • You have weakness or numbness in your arm, or shortness of breath

    If the implant comes out by itself, keep it away from others, especially children, as it may cause severe difficulty in breathing and possibly death.

    Because of the risk of complications of, migration, protrusion, expulsion and nerve injury with insertion and removal of PROBUPHINE, it is only available through a restricted program called the PROBUPHINE REMS Program. Healthcare providers who prescribe and/or insert PROBUPHINE must be certified with the program by enrolling and completing live training.

    • PROBUPHINE is not available in retail pharmacies
    • PROBUPHINE must be inserted or removed only in the facility of the certified prescriber

    Implants may be difficult to locate if inserted too deeply, if you manipulate them, or if you gain significant weight after insertion.  Your healthcare provider may do special procedures or tests, or refer you to a surgical specialist to remove the implants if they are difficult to locate.

    The medicine in PROBUPHINE can cause serious and life-threatening problems, especially if you take or use certain other medicines or drugs.  Call your healthcare provider right away or get emergency help if you:

    Feel faint or dizzy, have mental changes such as confusion, slower breathing than you normally have, severe sleepiness, blurred vision, problems with coordination, slurred speech, cannot think well or clearly, high body temperature, slowed reflexes, feel agitated, stiff muscles or have trouble walking.

    These can be signs of an overdose or other serious problems. 

    Coma or death can happen if you take anxiety medicines or benzodiazepines, sleeping pills, tranquilizers, or sedatives, antidepressants, or antihistamines, or drink alcohol during treatment with PROBUPHINE. Tell your healthcare provider if you are taking any of these medicines or if you drink alcohol.

    Who should not use PROBUPHINE?

    Do not use PROBUPHINE if you are allergic to buprenorphine or any of its ingredients, this includes buprenorphine hydrochloride and the inactive ingredient ethylene vinyl acetate or EVA.

    PROBUPHINE may not be right for you. Before starting PROBUPHINE tell your doctor about all of your medical conditions, including:

    Trouble breathing or lung problems, an enlarged prostate gland (men), a head injury or brain problem, problems urinating, a curve in your spine that affects your breathing, liver problems, gallbladder or adrenal gland problems, Addison's disease, low thyroid hormone levels (hypothyroidism), a history of alcoholism, a history of keloid formation, connective tissue disease (such as scleroderma), or history of MRSA infections, mental problems such as hallucinations, an allergy to numbing medicines or medicines used to clean your skin, are pregnant or plan to become pregnant or are breastfeeding or plan to breastfeed.

    Tell your doctor about all the medicines you take, including prescription and over-the-counter medicines, vitamins and herbal supplements.

     What should I avoid while being treated with PROBUPHINE?

    • Do not drive, operate heavy machinery, or perform any other dangerous activities until you know how this medication affects you
    • You should not drink alcohol during treatment. You should not take anxiety medicines or benzodiazepines, sleeping pills, tranquilizers, or sedatives that are not prescribed to you during treatment with PROBUPHINE, as this can lead to slowed breathing, drowsiness, delayed reaction time, loss of consciousness or even death

    What are the possible side effects of PROBUPHINE?

    PROBUPHINE can cause serious side effects, including:

    • Infection at the insertion or removal site. Infection may happen at the implant site during insertion or removal. Do not try to remove PROBUPHINE implants yourself 
    • Opioid withdrawal. If PROBUPHINE comes out of your arm or if you stop treatment, tell your doctor right away as you can have symptoms of shaking, sweating more than normal, feeling hot or cold more than normal, runny nose, watery eyes, goose bumps, diarrhea, vomiting and muscle aches
    • Physical dependency
    • Liver problems. Call your doctor right away if you notice signs of liver problems that may include your skin or the white part of your eyes turning yellow (jaundice)
    • Allergic reaction. If you get a rash, hives, itching, swelling of your face, or wheezing, low blood pressure, dizziness or decrease in consciousness
    • Decrease in blood pressure. You may feel dizzy when you get up from sitting or lying down
    • Sleep Apnea. Call your doctor right away if you or someone close to you notices:  Observed episodes of stopped breathing or abnormal breathing patterns during sleep

    Tell your healthcare provider if you develop any of the symptoms listed.

    Common side effects of PROBUPHINE include: Headache, nausea, toothache, constipation, depression, vomiting, back pain, mouth and throat pain.

    Common risks with the minor surgical procedure:  Itching, pain, irritation, redness, swelling, bleeding, or bruising at the insertion or removal site. Scarring around the insertion site. 

    Please read Full Prescribing Information, including BOXED WARNING regarding IMPLANT MIGRATION, PROTRUSION, EXPULSION and NERVE DAMAGE ASSOCIATED WITH INSERTION AND REMOVAL.

    Titan encourages you to report negative side effects of prescription drugs to the FDA. You can visit www.fda.gov/safety/medwatch/ or call 1-800-FDA-1088.

    About Titan Pharmaceuticals

    Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), based in South San Francisco, CA, is a commercial stage company developing proprietary therapeutics with its ProNeura® long-term, continuous drug delivery technology. The Company's lead product is Probuphine® (buprenorphine) implant, a novel and long-acting formulation of buprenorphine for the long-term maintenance treatment of opioid dependence. Approved by the U.S. Food and Drug Administration in May 2016, Probuphine is the first and only commercialized treatment of opioid dependence to provide continuous, around-the-clock blood levels of buprenorphine for six months following a single procedure. The ProNeura technology also has the potential to be used in developing products for treating other chronic conditions such as Parkinson's disease and hypothyroidism, where maintaining consistent, around-the-clock blood levels of medication may benefit the patient and improve medical outcomes. For more information about Titan, please visit www.titanpharm.com.

    Forward-Looking Statements

    This press release 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. Such statements include, but are not limited to, any statements relating to our product development programs and any other statements that are not historical facts. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from management's current expectations include those risks and uncertainties relating to the commercialization of Probuphine; the regulatory approval process; Titan's ability to access capital; the development, testing, production and marketing of our drug candidates; patent and intellectual property matters; and strategic agreements and relationships.  We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

    CONTACTS:

    Sunil Bhonsle

    President & CEO

    (650) 244-4990

    Stephen Kilmer

    Investor Relations

    (650) 989-2215



    TITAN PHARMACEUTICALS, INC.

    CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

    (in thousands, except per share amount)

    (unaudited)









    Three Months Ended

    June 30,



    Six Months Ended

    June 30,







    2020



    2019



    2020



    2019

    Revenue:

















    License revenue

    $              6



    $            -



    $              6



    $          313



    Product revenue

    115



    304



    325



    621



    Grant revenue

    1,204



    198



    2,330



    513





    Total revenue

    1,325



    502



    2,661



    1,447





















    Operating expense:

















    Cost of goods sold

    228



    246



    399



    550



    Research and development

    2,007



    1,907



    4,284



    3,751



    Selling, general and administrative

    3,474



    3,231



    6,589



    6,313





    Total operating expense

    5,709



    5,384



    11,272



    10,614

    Loss from operations

    (4,384)



    (4,882)



    (8,611)



    (9,167)

























    Other expense, net

    (257)



    (315)



    (1,614)



    (547)





































    Net loss and comprehensive loss

    $     (4,641)



    $     (5,197)



    $   (10,225)



    $     (9,714)





















    Basic and diluted net loss per common share

    $       (0.05)



    $       (0.38)



    $       (0.12)



    $       (0.73)









































    Weighted average shares used in computing 

















    basic and diluted net loss per share

    94,930



    13,576



    88,785



    13,397

























    CONDENSED BALANCE SHEETS

    (in thousands)

    (unaudited)



















    June 30,



    December 31,







    2020



    2019













    Assets









    Cash and cash equivalents

    $       5,498



    $       5,223



    Receivables

    1,061



    993



    Inventory

    969



    998



    Prepaid expenses and other current assets

    1,162



    1,094





    Total current assets

    8,690



    8,308



    Property and equipment, net

    799



    817



    Operating lease right-of-use asset

    273



    397





    Total assets

    $       9,762



    $       9,522

    Liabilities and Stockholders' Equity









    Current liabilities

    $       4,857



    $       3,600



    Operating lease liability, non-current

    -



    150



    Long-term debt, non-current

    3,345



    4,019



    Warrant liability

    -



    320



    Stockholders' equity 

    1,560



    1,433





    Total liabilities and stockholders' equity 

    $       9,762



    $       9,522

     

    Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/titan-pharmaceuticals-reports-second-quarter-2020-financial-results-301112386.html

    SOURCE Titan Pharmaceuticals, Inc.

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