Titan Pharma (TTNP) Tops Q3 EPS by 3c

Titan Pharma (NASDAQ: TTNP) reported Q3 EPS of ($0.18), $0.03 better than the analyst estimate of ($0.21). Revenue for the quarter came in at $947 thousand versus the consensus estimate of $700 thousand.

Third Quarter 2019 and Recent Business Highlights

• In July 2019, Titan announced a specialty product distribution agreement for Probuphine® (buprenorphine) implants with CVS Caremark, a subsidiary of CVS Health.
• In August 2019, Titan completed a $2.1 million offering resulting in net cash proceeds of approximately $1.8 million.
• In September, 2019, the National Institutes of Health's National Institute on Drug Abuse ("NIDA") approved approximately $6.1 million in second-year funding for Titan's non-clinical development of a ProNeura™ based six-month implantable formulation of Nalmefene, an opioid antagonist, intended for the prevention of relapse to opioid addiction, following opioid detoxification.
• In October 2019, Titan announced that Crossroads of Southern Nevada rehabilitation facility began offering Probuphine for use in eligible patients with Opioid Use Disorder ("OUD").
• In October 2019, Titan completed a $9.1 million offering resulting in net cash proceeds of approximately $8.1 million.
• In October 2019, Titan presented two posters on its Probuphine implant at the 10th American Conference on Pharmacometrics.

"This quarter, we continued to make important progress on the commercial activities for Probuphine by expanding the specialty product distribution network and implementing the patient portal to enhance the capabilities of the product order processing hub," said Titan's President and CEO, Sunil Bhonsle. "We have also been engaged in addressing the company's capital needs and raised gross proceeds of approximately $11.2 million from two financings, which enables us to expand our commercial efforts in select market segments, including potential partnering with other companies if possible."

Probuphine is indicated for the maintenance treatment of opioid dependence in eligible patients. Please see full indication below.

Titan's Executive Chairman, Dr. Marc Rubin, commented, "While our recent financing has provided the requisite resources to execute additional components of our growth plan, we are also continuing to opportunistically improve our overall cost structure in order to further extend our cash runway. The recent receipt of a second year of NIDA funding for our Nalmefene program was a very positive development, as it enables us to progress the program toward the clinic while continuing to focus our resources on the achievement of commercial success with Probuphine. Also, in collaboration with other companies or institutions, we are exploring opportunities for the use of our ProNeura platform technology in additional important medical applications, including chronic pain and malaria prophylaxis, and just starting a non-clinical feasibility study to evaluate the long-term delivery of CBD."

For earnings history and earnings-related data on Titan Pharma (TTNP) click here.

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