SOUTH SAN FRANCISCO, Calif.,
Sept. 15, 2020 /PRNewswire/
-- Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) ("Titan" or the
"Company") today announced that its partner, Molteni Farmaceutici
("Molteni"), has entered into an exclusive distribution agreement
with Accord Healthcare Europe ("Accord") for the commercialization
of Sixmo®-(6-months buprenorphine implant), the brand
name for Probuphine® in the European Union ("EU").
This distribution agreement brings together the expertise and
heritage of Molteni in the specialty opioid addiction market with
the extensive commercial reach of Accord, one of the fastest
growing pharmaceutical companies in Europe.
"Accord is a global pharmaceutical company with a strong
presence across Europe; the
decision to enter the addiction treatments' space with Sixmo
confirms the attractiveness of our novel product as well as the
potential of our proprietary technology to contribute to the fight
against the global opioid epidemic. We are preparing to ship to
Molteni the product supply for the European launch," said Titan's
President and CEO, Sunil Bhonsle.
"Pursuant to our asset purchase, supply and support agreement with
Molteni, we are entitled to approximately $1.1 million in future milestone payments and
royalty payments on net sales of Sixmo, commencing in the second
half of 2021."
About Titan Pharmaceuticals
Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), based in South San Francisco, CA, is a commercial stage
company developing proprietary therapeutics with its
ProNeura® long-term, continuous drug delivery technology.
The Company's lead product is Probuphine® (buprenorphine) implant,
a novel and long-acting formulation of buprenorphine for the
long-term maintenance treatment of opioid dependence. 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 also 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;
Titan's ability to access capital; 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.