TTNP Titan Pharmaceuticals Inc.

3.25
+0.17  (+6%)
Previous Close 3.08
Open 3.25
52 Week Low 2.82
52 Week High 16.35
Market Cap $21,612,500
Shares 6,650,000
Float 6,640,686
Enterprise Value $22,283,000
Volume 4,446,510
Av. Daily Volume 1,778,641
Stock charts supplied by TradingView

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., Jan. 15, 2021 /PRNewswire/ -- Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) today announced it has entered into a securities purchase agreement with certain accredited institutional investors to purchase approximately $9.7 million of its common stock in a registered direct offering and warrants to purchase common stock in a concurrent private placement. The combined purchase price for one share of common stock and each warrant will be $3.55.

    Under the terms of the purchase agreement, Titan has agreed to sell 2,725,000 shares of its common stock and warrants to purchase up to an aggregate of 2,725,000 shares of common stock. The warrants will be immediately exercisable, will expire on the five year and six-month anniversary of the issuance date and will have an exercise price of $3.55 per share.

    Titan expects the net proceeds from the registered direct offering and concurrent private placement to be approximately $8.9 million after deducting the placement agent's fees and other estimated offering expenses. The offering is expected to close on or about January 20, 2021, 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. The warrants issued in the concurrent private placement and shares issuable upon exercise of such warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act"), and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws.

    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 and warrants 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 development stage company developing proprietary therapeutics with its ProNeura® long-term, continuous drug delivery technology. The ProNeura technology has the potential to be used in developing products for treating a number of 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 our ability to raise capital, the winding down of U.S. commercial activities related to 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

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  2. SOUTH SAN FRANCISCO, Calif., Dec. 16, 2020 /PRNewswire/ -- Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) ("the "Company") today announced that on December 15, 2020, it received a notification letter from The Nasdaq Stock Market LLC ("Nasdaq") confirming that the Company has regained compliance with Nasdaq's minimum bid price requirement and is in compliance with all applicable listing standards. Therefore, the scheduled hearing before the Nasdaq Hearings Panel has been cancelled and the Company's common stock will continue to trade on the Nasdaq Capital Market. 

    About Titan Pharmaceuticals

    Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), based in South San Francisco, CA, is a development stage company developing proprietary therapeutics with its ProNeura® long-term, continuous drug delivery technology. The ProNeura technology has the potential to be used in developing products for treating a number of 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 our ability to raise capital, the winding down of U.S. commercial activities related to 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

       

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  3. SOUTH SAN FRANCISCO, Calif., Nov. 30, 2020 /PRNewswire/ -- Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) ("Titan" or the "Company") today announced that its Board of Directors has approved a 1-for-30 reverse stock split of the Company's common stock, which will be effective at 5:00 p.m. Eastern Time on Monday, November 30, 2020. The Company's stockholders approved the reverse stock split at a Special Meeting of Stockholders on November 30, 2020. The Company's shares will begin trading on a split-adjusted basis on the Nasdaq Capital Market commencing upon market open on December 1, 2020. 

    As a result of the reverse split, each 30 shares of the Company's issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock, par value $0.001 per share. The Company will not issue any fractional shares in connection with the reverse stock split. Instead, the number of shares will be rounded up to the next whole number. The reverse stock split will not modify the rights or preferences of the common stock.

    Immediately after the reverse split becomes effective, there will be approximately 6.6 million shares of common stock issued and outstanding. The common shares will trade under a new CUSIP number, 888314606, effective December 1, 2020, and continue to trade under the symbol "TTNP." All stock options and warrants of the Company outstanding immediately prior to the reverse stock split have been proportionally adjusted.

    The Company has appointed its transfer agent, Continental Stock Transfer & Trust Company ("Continental"), to act as exchange agent for the reverse stock split. Stockholders owning shares via a bank, broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split and will not be required to take further action in connection with the reverse stock split, subject to brokers' particular processes. Continental can be reached at (917) 262-2378.

    About Titan Pharmaceuticals

    Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), based in South San Francisco, CA, is a development stage company developing proprietary therapeutics with its ProNeura® long-term, continuous drug delivery technology. The ProNeura technology has the potential to be used in developing products for treating a number of 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 our ability to raise capital, the winding down of U.S. commercial activities related to 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

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  4. SOUTH SAN FRANCISCO, Calif., Nov. 16, 2020 /PRNewswire/ -- Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) ("Titan" or the "Company") today reported financial results for the third quarter ended September 30, 2020 and provided an update on its business.

    Third Quarter 2020 and Recent Highlights

    • In September 2020, the Company completed a registered direct offering, resulting in net cash proceeds of approximately $2.4 million.
    • In October 2020, Titan announced a strategic restructuring, where it will focus on ProNeura®-based product development; and discontinue its U.S. Probuphine implant sales and wind down Probuphine commercialization activities.
    • In October 2020, Kate DeVarney, Ph.D., was promoted from the position of Executive Vice President and Chief Scientific Officer to President and Chief Operating Officer. In addition, Sunil Bhonsle stepped down from his executive role. Dr. Marc Rubin, Titan's Executive Chairman, together with Dr. DeVarney, will oversee the Company's product development activities.
    • In October 2020, Titan completed a public offering resulting in net cash proceeds of approximately $5.7 million.
    • In October 2020, the Company settled all of its debt obligations with Molteni & C. dei F.lli Alitti Società di Esercizio S.p.A and Horizon Credit LLC II.
    • In October 2020, Titan acquired JT Pharmaceuticals, Inc.'s kappa opioid agonist peptide, JT-09, for use in combination with Titan's ProNeura® long-term, continuous drug delivery technology, for the treatment of chronic pruritus.

    "Subsequent to the end of the third quarter, Titan began an important, focused restructuring to position the Company for future growth," said Dr. DeVarney. "We believe that our ProNeura platform, which has the potential to provide continuous drug delivery over extended periods of up to six to 12 months, offers potential key value-generating opportunities. These include the platform's application to the recently-acquired JT-09, for which we plan to establish proof-of-concept as a treatment of chronic pruritus in the first half of next year. In addition, we remain committed to helping individuals impacted by the opioid epidemic through our ongoing, National Institute on Drug Abuse-funded nalmefene implant development program, with plans to file an investigational New Drug Application with the U.S. Food and Drug Administration in the first half of 2021."

    "In addition to refocusing our efforts on the ProNeura platform, our recent restructuring significantly reduced operating expenses, while our debt settlements restored our ability to fully capitalize on our IP," said Dr. Rubin. "These, combined with the recent completion of two financings, positions Titan to execute on our new strategy."

    Third Quarter 2020 Financial Results 

    For the three months ended September 30, 2020, Titan reported approximately $1.1 million in revenue, which reflects approximately $0.1 million in product sales and approximately $1.0 million related to the Company's National Institute on Drug Abuse ("NIDA") grant. This compared with revenues of approximately $0.9 million in the same period in 2019, which was comprised of $0.2 million in product sales and $0.8 million related to the NIDA grant. Product revenue during the three month period ended September 30, 2020 declined from the comparable periods in 2019 due to a substantial decrease in unit sales volumes; increased utilization of patient assistance programs; and the effects of the COVID-19 pandemic and the related shelter-in-place restrictions and clinic closures. 

    Total operating expenses for the third quarter of 2020 were approximately $5.8 million, compared with approximately $4.8 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 September 30, 2020 were approximately $1.6 million, consistent with the same three month period in 2019. SG&A expenses for the 2020 third quarter were approximately $3.5 million, compared with approximately $3.0 million in the same quarter a year ago. Costs of goods sold for the third quarter of 2020 were approximately $0.7 million, compared with approximately $0.2 million the 2019 third quarter.

    Net other expense, consisting primarily of interest expense, was approximately $0.3 million in the third quarter of 2020, compared with net other income of approximately $1.1 million in the third quarter of 2019. The increase in other expense, net for the three months ended September 30, 2020 was primarily due to an approximately $1.0 million non-cash gain on changes in the fair value of warrants issued in connection with Titan's August 2019 offering and an approximately $0.3 million non-cash gain on debt extinguishment related to the modification of Titan's loan from Molteni.

    Net loss applicable to common stockholders in the third quarter of 2020 was approximately $4.9 million, or approximately $0.05 per share, compared with a net loss applicable to common stockholders of approximately $2.8 million, or approximately $0.18 per share, in the same quarter in 2019.

    As of September 30, 2020, Titan had cash and cash equivalents of approximately $4.1 million, which the Company believes, along with the proceeds of public offering, is sufficient to fund planned operations into the third quarter of 2021.

    Conference Call Details

    Titan management will host a conference call today at 12:00 p.m. ET / 9:00 a.m. PT to discuss business developments in the period. The conference call will be hosted by Marc Rubin, M.D., Executive Chairman, and Kate DeVarney, Ph.D., President and Chief Operating Officer.

    The live conference call may be accessed by dialing 1-888-317-6003 (U.S.) or 1-412-317-6061 (international) and providing passcode 9502574. The call will also be broadcast live at https://www.webcaster4.com/Webcast/Page/1655/38848, and archived on Titan's website at www.titanpharm.com/news/events.    

    About Titan Pharmaceuticals

    Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), based in South San Francisco, CA, is a development stage company developing proprietary therapeutics with its ProNeura® long-term, continuous drug delivery technology. The ProNeura technology has the potential to be used in developing products for treating a number of 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 our ability to raise capital, the winding down of U.S. commercial activities related to 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.

    CONTACT:

    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

    September 30,



    Nine Months Ended

    September 30,











    2020



    2019



    2020



    2019

    Revenue:





















    License revenue





    $            -



    $             -



    $              6



    $          313



    Product revenue





    102



    190



    427



    811



    Grant revenue





    1,018



    757



    3,348



    1,270





    Total revenue





    1,120



    947



    3,781



    2,394

























    Operating expense:





















    Cost of goods sold





    683



    188



    1,081



    738



    Research and development





    1,562



    1,619



    5,846



    5,370



    Selling, general and administrative





    3,549



    3,023



    10,137



    9,336





    Total operating expense





    5,794



    4,830



    17,064



    15,444

    Loss from operations





    (4,674)



    (3,883)



    (13,283)



    (13,050)





























    Other income (expense), net





    (258)



    1,080



    (1,874)



    533

























    Net loss and comprehensive loss





    $     (4,932)



    $      (2,803)



    $   (15,157)



    $   (12,517)

















































    Basic and diluted net loss per common share





    $       (0.05)



    $        (0.18)



    $       (0.17)



    $       (0.89)

























    Weighted average shares used in computing 





















    basic and diluted net loss per share





    97,906



    15,517



    91,848



    14,112



















































    CONDENSED BALANCE SHEETS

    (in thousands)

    (unaudited)







































    September 30,







    December 31,















    2020







    2019

























    Assets





















    Cash and cash equivalents









    $       4,073







    $       5,223



    Receivables









    423







    993



    Inventory









    1,073







    998



    Prepaid expenses and other current assets









    1,080







    1,094





    Total current assets









    6,649







    8,308



    Property and equipment, net









    1,161







    817



    Operating lease right-of-use asset









    208







    397





    Total assets









    $       8,018







    $       9,522

    Liabilities and Stockholders' Equity (Deficit)





















    Current liabilities









    $       5,877







    $       3,600



    Operating lease liability, non-current









    -







    150



    Long-term debt, non-current









    3,038







    4,019



    Warrant liability









    -







    320



    Stockholders' equity (deficit)









    (897)







    1,433





    Total liabilities and stockholders' equity (deficit)



    $       8,018







    $       9,522

     

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  5. SOUTH SAN FRANCISCO, Calif., Nov. 2, 2020 /PRNewswire/ -- Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) today announced the completion of its agreement to settle all of its debt obligations with Molteni & C. dei F.lli Alitti Società di Esercizio S.p.A ("Molteni") and Horizon Credit LLC II ("Horizon"), as well as its agreement to acquire JT Pharmaceuticals, Inc.'s  ("JT Pharma") kappa opioid agonist peptide, JT-09, for use in combination with Titan's ProNeura® long-term, continuous drug delivery technology, for the treatment of chronic pruritus.

    The completion of both transactions had been subject to Titan's closing of its previously announced underwritten public offering, which occurred on October 30, 2020.

    "As a result of the debt settlement with Molteni and Horizon, there are no liens remaining on any of Titan's assets, including all the ProNeura intellectual property," commented Titan's Executive Chairman, Dr. Marc Rubin. "With the net proceeds from our recent public offering, a significant reduction in operating expenses, and full ability to capitalize on our IP, we are well positioned to progress preclinical development of our ProNeura-based product candidate pipeline, including establishing proof of concept with JT-09 in the first half of 2021."

    About Titan Pharmaceuticals

    Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), based in South San Francisco, CA, is a development stage company developing proprietary therapeutics with its ProNeura® long-term, continuous drug delivery technology.  The ProNeura technology has the potential to be used in developing products for treating a number of 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 our ability to raise capital, the winding down of U.S. commercial activities related to 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.

    CONTACT:

    Stephen Kilmer

    Investor Relations

    (650) 989-2215

     

     

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