Titan has extensive expertise in pharmaceutical product development and plans to pursue commercial partnerships at the appropriate time in the development cycle of its products, adding value to Titan in the short- and the long-term. In 2012, Titan licensed the commercial rights to Probuphine in the U.S. and Canada to Braeburn Pharmaceuticals, valued at over $200 million in milestone payments, excluding tiered royalties in the mid-teen to low twenty percent of net sales.
Under the partnership, Titan received an upfront milestone of $15.75 million and a milestone of $15 million after the FDA approved Probuphine for the maintenance treatment of opioid addiction. Titan is eligible to receive sales milestones of up to $165 million based on Braeburn reaching target annual sales levels. There are up to $35 million in regulatory and approval-based milestones for other indications for Probuphine, including treatment of chronic pain. Titan would also receive tiered royalties as a percent of net sales starting in the mid-teens and increasing to low 20s for the highest tier.
The company continues to explore other opportunities for the development and commercialization of Probuphine outside of the U.S. in opioid addiction and chronic pain. Titan is also considering strategic partnerships and licensing agreements for the delivery of other proprietary compounds utilizing the ProNeura technology.