Titan Provides Estimate of Upcoming Royalty Payment
SOUTH SAN FRANCISCO, Calif., April 21 /PRNewswire-FirstCall/ -- Titan Pharmaceuticals, Inc. (Pink Sheets: TTNP) today confirmed that the company expects to receive a payment of approximately $1.6 million by May 15, 2010 as the royalty on the first quarter 2010 sales of Fanapt™ (iloperidone), a drug for the treatment of schizophrenia launched in the US by Novartis Pharma AG in January 2010. First quarter sales of Fanapt were reported to be $21 million, and under the terms of its sublicense agreement with Novartis, Titan is entitled to receive royalties on 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.
About Titan Pharmaceuticals
For information concerning Titan Pharmaceuticals, Inc., please visit the Company's website at www.titanpharm.com.
The 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 the Company's development program and any other statements that are not historical facts. Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to difficulties or delays in development, testing, regulatory approval, production and marketing of the Company's drug candidates, adverse side effects or inadequate therapeutic efficacy of the Company's drug candidates that could slow or prevent product development or commercialization, the uncertainty of patent protection for the Company's intellectual property or trade secrets, and the Company's ability to obtain additional financing. Such statements are based on management's current expectations, but actual results may differ materially due to various factors, including those risks and uncertainties mentioned or referred to in this press release.
CONTACT: Titan Pharmaceuticals, Inc. Sunil Bhonsle, 650-244-4990 President
SOURCE Titan Pharmaceuticals, Inc.
Released April 21, 2010