Welcome to our dedicated page for Titan Pharmaceut news (Ticker: TTNP), a resource for investors and traders seeking the latest updates and insights on Titan Pharmaceut stock.
Titan Pharmaceuticals, Inc. reports corporate, financing, listing, and governance developments for a development-stage issuer with a history in proprietary therapeutics using ProNeura long-term, continuous drug delivery technology. Company updates have covered convertible preferred stock private placements, registration rights arrangements, beneficial ownership conversion limits, shareholder voting matters, and capital-structure actions such as a reverse stock split.
Recurring Titan news also includes Nasdaq listing-compliance matters, board composition changes, operating and financial results, material agreements, risk disclosures, and references to the company’s strategic alternatives process.
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.
Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) announced that stockholders have approved an amendment to increase the number of authorized shares of common stock from 125 million to 225 million. This decision was made during a special meeting held on September 18, 2020. The results of the voting are documented in a Current Report on Form 8-K filed with the SEC. Titan's Executive Chairman, Dr. Marc Rubin, expressed gratitude for stockholders' support and anticipated progress updates. Titan is known for its ProNeura technology and the Probuphine implant for opioid dependence, approved by the FDA in May 2016.
Titan Pharmaceuticals (NASDAQ: TTNP) announced an exclusive distribution agreement between its partner Molteni Farmaceutici and Accord Healthcare Europe for the commercialization of Sixmo® (buprenorphine implant) in the EU. This partnership combines Molteni's expertise in opioid addiction treatments with Accord's market reach. Titan expects to receive approximately $1.1 million from milestone and royalty payments starting in the second half of 2021, reinforcing the product's potential in addressing the opioid crisis.
Titan Pharmaceuticals (NASDAQ: TTNP) provided an update regarding its upcoming special stockholder meeting aimed at obtaining approval for increasing the number of authorized shares. Without this approval, Titan's management anticipates that its operations could cease, leading to a total loss of shareholder value due to asset pledges against outstanding debt. As of September 11, 2020, about 30.7 million shares had not been voted, with roughly 72% of votes favoring the amendment. The Board urges stockholders to vote as only a small fraction of additional affirmative votes are needed to proceed.
Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) reported second-quarter financial results on August 14, 2020, with revenues of approximately $1.3 million, up from $0.5 million in Q2 2019. The increase was driven by a $1.2 million NIDA grant, although product sales declined due to COVID-19 related restrictions. Operating expenses rose to about $5.7 million. The net loss was approximately $4.6 million or $0.05 per share, an improvement from $5.2 million or $0.38 per share in the same quarter last year. The company has $5.5 million in cash, which it believes will fund operations through Q3 2020.
Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) will release its second quarter 2020 financial results on August 14, 2020. A conference call is scheduled for the same day at 9:00 a.m. PT to discuss the results and provide a business review. The call will feature executives including Sunil Bhonsle, President and CEO. Titan's leading product, Probuphine®, offers a long-acting solution for opioid dependence and was FDA-approved in May 2016. The ProNeura® technology is expected to play a role in future chronic condition treatments.