SOUTH SAN FRANCISCO, Calif.,
Oct. 26, 2020 /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 announced its
entry into an agreement to settle all of its debt obligations with
Molteni & C. dei F.lli Alitti Società di Esercizio S.p.A
("Molteni) and Horizon Credit LLC II ("Horizon"). The debt was
secured with a lien on all assets of Titan.
Under the terms of the agreement, Molteni and Horizon agreed to
settle the approximately $5.2 million
of outstanding indebtedness in exchange for the payment by Titan of
a total of $1.6 million in cash to
Horizon and Molteni, the transfer of certain
Probuphine® assets to Molteni, including
certain equipment, inventory and non-U.S. Probuphine intellectual
property, and the termination of Titan's rights to future payments
under its asset purchase, supply and support agreement with
Molteni.
"Reaching agreement on the settlement of the outstanding debt is
a major step in the restructuring of Titan, and we appreciate the
timely action and cooperation of Molteni and Horizon in
accomplishing this goal," said Dr. DeVarney, President and Chief
Operating Officer of Titan. "We are making good progress in closing
down the U.S. commercial activities for Probuphine, and except for
the required pharmacovigilance and REMS support to health care
providers who have patients in treatment, we will have completed
this task during the quarter."
The closing of the agreement is subject to customary closing
conditions and Titan's completion of a financing that will enable
it to make the cash payments thereunder. Upon closing, there will
be no liens on Titan's remaining assets, including all the
ProNeura® intellectual property.
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 ProNeura technology has the potential to
be used in developing products for treating a number of chronic
conditions, 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 our
ability to raise capital, the winding down of U.S. commercial
activities related to Probuphine, the development, testing,
production and regulatory approval process relating to 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.
CONTACT:
Stephen Kilmer
Investor Relations
(650) 989-2215
skilmer@titanpharm.com
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SOURCE Titan Pharmaceuticals, Inc.