About Titan
Welcome to Titan Pharmaceuticals.
Titan Pharmaceuticals, Inc. is a biopharmaceutical company with valuable assets in the CNS (central nervous system) area.
Fanapt™ (iloperidone)
On May 6, 2009 Fanapt™, an atypical antipsychotic drug, was granted marketing approval by the US Food & Drug Administration for the treatment of adult patients with schizophrenia. Titan is entitled to receive 8-10% royalties on global net sales of Fanapt™, which are expected to commence by the end of 2009. The global sales of atypical antipsychotic products exceeds $20 billion per year.
Probuphine®
Probuphine is a novel, subcutaneous implant formulation of buprenorphine designed to deliver six months of medication following a single treatment. This product is in Phase 3 development and has already demonstrated strong positive results in a controlled Phase 3 study for the treatment of opioid addiction. Titan continues to look for partners and other sources of funds to complete this development program.
In furtherance of the Company's efforts to conserve capital, in December 2008 the Company filed with the Securities and Exchange Commission a Form 25 to voluntarily delist from the American Stock Exchange and a Form 15 to voluntarily suspend its reporting obligations under the Securities Exchange Act of 1934, as amended. The Company's common stock is traded on the Pink OTC Markets ([TTNP.PK] www.pinksheets.com)quotations system. For further information please contact
Sunil Bhonsle, President at:
TITAN ANNOUNCES FDA APPROVAL OF FANAPT™ (ILOPERIDONE) FOR THE TREATMENT OF SCHIZOPHRENIA
SOUTH SAN FRANCISCO, CA May 7, 2009 — Titan Pharmaceuticals, Inc. (TTNP:PK) today announced that Vanda Pharmaceuticals, Inc. (NASDAQ: VNDA) has received U.S. Food and Drug Administration (FDA) approval to market Fanapt™ (iloperidone), an atypical antipsychotic, for the acute treatment of adult patients with schizophrenia, a chronic debilitating disorder which affects more than two million Americans, and millions more worldwide. Global sales from the class of atypical antipsychotics exceeded U.S. $20 billion in 2007.
Vanda plans to make Fanapt™ available in pharmacies later this year. Titan is entitled to receive royalties on global net sales of Fanapt™ equal to 8% on annual net sales up to $200 million, and
10% on annual net sales above $200 million. Titan incurs no ongoing expenses associated with this potential future income.
"We congratulate the management and employees of Vanda on their dedication and perseverance in obtaining FDA approval of Fanapt™. This is an important milestone for both Titan and Vanda," said Sunil Bhonsle, President of Titan. "This medicine will provide an important option to the patients suffering with this debilitating disease."
For information concerning Titan Pharmaceuticals, Inc., please visit the Company's website at www.titanpharm.com
Contact: Titan Pharmaceuticals, Inc.
Sunil Bhonsle, President Ph:650-244-4990