SOUTH SAN FRANCISCO, Calif.,
Aug. 3, 2018 /PRNewswire/
-- Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) announced today
that it has entered into an amendment (the "Amendment") of the
previously announced definitive asset purchase, supply and support
agreement (the "Purchase Agreement") with L. Molteni & C. dei
F.lli Alitti Società di Esercizio S.p.A. through which Molteni
acquired the European intellectual property related to
Probuphine®.
Under the Amendment, Molteni will make an immediate payment to
Titan of €950,000 (approx. $1.1
million), and has committed to make a convertible loan to
Titan of €550,000 (approx. $0.6
million) in mid-September subject to Titan's submission, in
accordance with the Amendment, of a response to questions posed by
the European Medicines Agency (EMA), in exchange for the
elimination of an aggregate of €2.0 million (approx. $2.3 million) of regulatory milestones provided
for in the Purchase Agreement, which would be payable potentially
in 2019 at the earliest. The loan, if made (the "Convertible
Loan"), will convert automatically into shares of Titan common
stock upon the issuance by the EMA of marketing approval for
Probuphine at a conversion price per share equal to the lower of
(i) the closing price on the loan funding date and (ii) the closing
price on the conversion date. In the event the EMA has not granted
marketing approval by December 31,
2019, the Convertible Loan will become due and payable,
together with accrued interest at the rate of one-month LIBOR (to
the extent in excess of 1.10%) plus 9.50% per annum. All other
terms and conditions of the Purchase Agreement remain the same.
"We are very pleased with this transaction and welcome the
strong commitment that Molteni continues to have to Probuphine and
Titan," said Titan President and CEO Sunil
Bhonsle. "It provides us with short-term non-dilutive
capital while we continue working with Molteni to position
Probuphine for commercial success both in the United States and in select international
markets."
About Molteni
Founded in Florence in 1892,
Molteni is a privately-held specialty pharmaceutical company
developing, manufacturing and marketing pharmacological treatments
for addictions and moderate to severe pain. Molteni is a leader in
the field of drug dependence. Molteni operates both directly and
through its network of specialized partners in more than 30
countries and it is a preferred and qualified partner of
International Organizations and Non-Governmental Organizations such
as UNICEF, UNDP, IDA Foundation and Global Fund. For more
information, please visit www.moltenifarma.it.
About Titan Pharmaceuticals
Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), based in South San Francisco, CA, is developing
proprietary therapeutics primarily for the treatment of select
chronic diseases. The company's lead product is Probuphine®, a
novel and long-acting formulation of buprenorphine for the
long-term maintenance treatment of opioid dependence. Probuphine
employs Titan's proprietary drug delivery system ProNeura™, which
is capable of delivering sustained, consistent levels of medication
for three months or longer. Approved by the U.S. Food and Drug
Administration in May 2016,
Probuphine is the first and only commercialized treatment of opioid
dependence to provide continuous, around-the-clock blood levels of
buprenorphine for six months following a single procedure. The
ProNeura technology has the potential to be used in developing
products for treating other chronic conditions such as Parkinson's
disease and hypothyroidism, where maintaining consistent,
around-the-clock blood levels of medication may benefit the patient
and improve medical outcomes. For more information about Titan,
please visit www.titanpharm.com.
Forward-Looking Statements
This 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 our
product development programs and any other statements that are not
historical facts. Such statements involve risks and uncertainties
that could negatively affect our business, operating results,
financial condition and stock price. Factors that could cause
actual results to differ materially from management's current
expectations include those risks and uncertainties relating to the
commercialization of Probuphine, the regulatory approval process,
the development, testing, production and marketing of our drug
candidates, patent and intellectual property matters and strategic
agreements and relationships. We expressly disclaim any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in our expectations or any changes in events,
conditions or circumstances on which any such statement is based,
except as required by law.
CONTACTS:
Sunil Bhonsle,
President & CEO
(650) 244-4990
Stephen Kilmer
Investor Relations
(650) 989-2215
skilmer@titanpharm.com
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SOURCE Titan Pharmaceuticals, Inc.