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:
NOVARTIS PHARMA ACQUIRES EXCLUSIVE RIGHTS FROM VANDA PHARMACEUTICALS FOR COMMERCIALIZATION OF FANAPT™ IN THE UNITED STATES AND CANADA
SOUTH SAN FRANCISCO, CA October 12, 2009 — Titan Pharmaceuticals, Inc (TTNP:PK) today announced that Vanda Pharmaceuticals, Inc. (NASDAQ: VNDA) reported its entry into an exclusive agreement with Novartis Pharma AG to commercialize and develop Fanapt™ (iloperidone) in the U.S. and Canada. Fanapt™, an atypical anti-psychotic, was approved by the U.S. Food and Drug Administration earlier this summer for the acute treatment of schizophrenia in adults. The U.S. anti-psychotic market is approximately $14 billion a year.
Under the terms of its sublicense agreement with Novartis, 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.
TITAN ANNOUNCES AWARD OF NIH GRANT FOR PROBUPHINE® CLINICAL DEVELOPMENT
SOUTH SAN FRANCISCO, CA October 1, 2009 — Titan Pharmaceuticals, Inc (TTNP:PK) today announced that the National Institutes of Health (NIH) has awarded a Research and Research Infrastructure Grand Opportunities grant to the company through the American Reinvestment and Recovery Act of 2009 (ARRA). The two year grant for Probuphine clinical development is expected to provide approximately $7.6 million, with the first year award of approximately $ 5.6 million now made available to Titan by the NIH. This grant will be administered by the National Institute on Drug Abuse (NIDA). These funds will directly support a substantial part of the second Phase 3 clinical study to confirm the safety and efficacy of Probuphine for the treatment of opioid addiction. Probuphine is an innovative, long-term, implantable formulation of buprenorphine that is designed to provide a constant, low level of drug for six months following a single treatment. It has the potential to address the key issues of treatment non-compliance and illicit diversion often reported with the currently available sublingual pill formulation.