Titan Pharmaceuticals (TTP) Announces 40% Reduction in Workforce
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Titan Pharmaceuticals, Inc. (AMEX: TTP) announced an approximately 40% reduction in its workforce to lower operating expenses and preserve capital. The Company’s remaining staff is focused on reducing all current clinical and manufacturing development activities to the minimal level necessary to continue its efforts to realize the potential value of its assets, particularly the Probuphine program.
The Company is being assisted by JSB Partners, LLC in its efforts to find a development partner or divest the Probuphine asset that is currently in Phase 3 clinical development. Further staff reductions are anticipated in the next several weeks as these steps are completed.
Titan Pharmaceuticals is focused primarily on the late-stage development and commercialization of Probuphine, which utilizes Titan's proprietary ProNeura long term drug delivery technology, and has demonstrated positive results in Phase 3 testing for treatment of opiate addiction.[SM]
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