Titan Pharma (TTNP) Reports Q1 Loss of $0.07

Titan Pharma (NASDAQ: TTNP) reported Q1 EPS of ($0.07), versus ($0.34) reported last year.

First Quarter 2020 Highlights

• In January 2020, Titan completed an offering resulting in net cash proceeds of approximately $1.9 million.
• Since January 1, 2020, the Company received proceeds of approximately $6.7 million as a result of the exercise of previously issued common stock purchase warrants.

COVID-19 Impact and Adjusted Probuphine Commercial Strategy

Titan's commercial operations expansion has continued throughout the past several months, with additions to its sales and medical liaison teams, including support from additional marketing and medical access staff, that now provide coverage for all 50 states and Puerto Rico. Unfortunately, the emergence of the COVID-19 pandemic during the latter half of the first quarter and the resulting restrictions on travel and social distancing rules that have minimized personal physician/patient interaction, except in emergencies, has hindered the effectiveness of the commercial team. In order to try and mitigate the impact of the ongoing public heath crisis, Titan has undertaken a number of key activities during this period, including:

• Preparatory work using digital communication techniques to establish relationships with new health care providers ("HCPs") and their staff;
• Providing virtual communication tools for HCPs to use with their patients and to highlight the potential benefits of Probuphine as a treatment modality in the increasing telemedicine environment; and
• Establishing a social media presence in select geographies to increase awareness of Probuphine and enhance its share of voice in the medication assisted treatment space.

"Our first quarter of 2020 financial results were affected by the COVID-19 pandemic, and we have had to make several adjustments to our commercial tactics to best position Titan in the current environment," said Titan's President and CEO, Sunil Bhonsle. "We have been working in a virtual environment and have focused our efforts on using digital communication tools to establish strong relationships with the medical community as well as inform patients of Probuphine's long acting treatment option, which may be well-suited for telemedicine. In addition, our Medical Affairs team continues to develop a virtual process for providing training to health care providers, which, if approved by the FDA, could be a very valuable tool for Titan and health care providers alike."

Probuphine is indicated for the maintenance treatment of OUD in eligible patients.

Please see Full Indication and Important Safety Information below, and link below to Full Prescribing Information.

"The board has been very supportive of the team's initiative in the face of these new challenges, and I am very pleased with our progress," said Titan's Executive Chairman, Dr. Marc Rubin. "The unfortunate reality is that patients suffering from OUD are now facing more challenges to getting proper treatment during this pandemic, and we are working hard to ensure we can support their needs, as well as the needs of their health care providers."

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

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