Titan Pharma (TTNP) Reports Q2 EPS of $0.05

Titan Pharma (NASDAQ: TTNP) reported Q2 EPS of $0.05, versus ($0.39) reported last year.

Second Quarter 2020 Highlights

• In June 2020, Titan initiated a fully-virtual Probuphine® (buprenorphine) implant Risk Evaluation and Mitigation Strategy ("REMS") training and certification program for qualified health care providers ("HCPs") who treat patients with Opioid Use Disorder ("OUD").
• In June 2020, the Company entered into a co-promotion partnership with Indegene, Inc., a leading healthcare solutions company, to establish multichannel digital marketing programs throughout the United States to increase awareness of Probuphine as a long-term maintenance treatment for OUD, and expand the capabilities for the engagement of HCPs who can be certified to prescribe Probuphine to eligible patients.
• Since January 1, 2020, Titan received proceeds of approximately $7.0 million as a result of the exercise of previously issued common stock purchase warrants.

"We continue to adapt to this ever-changing pandemic environment, and thanks to our dedicated staff, we are making progress," said Titan's President and CEO, Sunil Bhonsle. "We are pleased with the FDA's prompt approval of our fully-virtual REMS training program, which enables us to continue to certify HCPs to prescribe and administer Probuphine, facilitating access to our six-month maintenance treatment option for eligible patients with OUD. Our commercial team continues to focus on digital outreach to establish relationships with the medical community and to inform HCPs, their staff and their patients of the potential benefits of Probuphine, particularly at a time when patient/physician interactions are limited. Following a substantial decline in the number of patient enrollments for Probuphine treatment during the first two months of the quarter, clinics in certain regions began to see an increase in enrollments in June, which has continued. We believe this is an early indication that the efforts of our commercial team are working and we look forward to continued progress in the coming months."

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

"Our goal is to increase the use of Probuphine for the maintenance treatment of OUD, and in the current environment, our recently established co-promotion partnership with Indegene is timely," said Titan's Executive Chairman, Dr. Marc Rubin. "With the support of our commercial team, Indegene's capabilities provide Titan with sophisticated multichannel marketing tools, predictive analytics and social media campaigns that will be critical to expanding our outreach to the medical community and patients. The first virtual nationwide outreach campaign commenced last week, and the Titan-Indegene team is looking forward to continuing the implementation of a comprehensive program over the next few months. During the third quarter we will also implement a three-month program to seek and assist patients who may be suitable for treatment with Probuphine and connect them with REMS-certified HCPs. I want to emphasize that our progress can be sustained only if our stockholders approve the proposal to increase the authorized shares at our special stockholder meeting scheduled for August 31, 2020.

"In addition, Sunil has expressed his desire to retire, hopefully by the end of the year. To prepare for this transition, and contingent on our ability to raise additional capital, we will look for a successor with experience in the commercial space, as we continue our transition to a commercial-stage company."

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

You May Also Be Interested In

• Vivos Therapeutics posts 35% revenue gain but widens net loss
• JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery
• Optimum Communications gets NYSE non-compliance notice over stock price