SOUTH SAN FRANCISCO, Calif.,
Jan. 22, 2018 /PRNewswire/
-- Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), a company
developing proprietary therapeutics for the treatment of select
chronic diseases utilizing its ProNeura™ long-term, continuous drug
delivery technology, today confirmed that it and Braeburn
Pharmaceuticals, Inc. are in discussions regarding their
partnership for the development and commercialization of
Probuphine, the first 6-month maintenance treatment of opioid
dependence.
Braeburn's receipt of a Complete Response Letter (CRL) from the
U.S. Food and Drug Administration (FDA) regarding the New Drug
Application for its injectable buprenorphine product is likely to
negatively impact Braeburn's Probuphine marketing activities as it
focuses on addressing the CRL. Titan has been in preliminary
discussions with Braeburn for the return of U.S. commercialization
rights to Probuphine and believes it is now appropriate to seek a
new partner that can better focus on a successful commercialization
strategy for Probuphine. Titan has retained Canaccord Genuity to
assist in this effort as part of an evaluation of strategic and
financial alternatives.
"While we are appreciative of Braeburn's support in the
development and initial U.S. commercial launch of Probuphine, the
fact remains we have been disappointed with the product's uptake to
date," said Titan President and CEO Sunil
Bhonsle.
"We continue to believe that Probuphine has an important role to
play in combatting the national epidemic of opioid addiction," said
Executive Chairman Marc Rubin, M.D.
"To that end, our goal is to make certain that Probuphine is
positioned for commercial success, and we will explore all
available opportunities to achieve that. We look forward to working
with Canaccord Genuity to assist us in this endeavor."
There can be no assurance that this process will result in the
completion of any transaction, including, but not limited to, a new
licensing agreement for Probuphine with a different partner. Titan
has not set a timetable for completion of the process, and it does
not intend to comment further unless a specific transaction or
agreement is approved by its Board of Directors.
About Titan Pharmaceuticals
Titan Pharmaceuticals, Inc. (NASDAQ: TTNP), based in
South San Francisco, CA, is
developing proprietary therapeutics primarily for the treatment of
serious medical disorders. 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. Titan
has granted commercial rights in the U.S. and Canada for Probuphine to Braeburn
Pharmaceuticals. 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
View original content with
multimedia:http://www.prnewswire.com/news-releases/titan-in-discussions-with-braeburn-regarding-us-probuphine-commercialization-300585743.html
SOURCE Titan Pharmaceuticals, Inc.