SOUTH SAN FRANCISCO, Calif.,
Nov. 2, 2020 /PRNewswire/
-- Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) today announced
the completion of its 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"),
as well as its agreement to acquire JT Pharmaceuticals, Inc.'s
("JT Pharma") kappa opioid agonist peptide, JT-09, for use in
combination with Titan's ProNeura® long-term, continuous
drug delivery technology, for the treatment of chronic
pruritus.
The completion of both transactions had been subject to Titan's
closing of its previously announced underwritten public offering,
which occurred on October 30,
2020.
"As a result of the debt settlement with Molteni and Horizon,
there are no liens remaining on any of Titan's assets, including
all the ProNeura intellectual property," commented Titan's
Executive Chairman, Dr. Marc Rubin.
"With the net proceeds from our recent public offering, a
significant reduction in operating expenses, and full ability to
capitalize on our IP, we are well positioned to progress
preclinical development of our ProNeura-based product candidate
pipeline, including establishing proof of concept with JT-09 in the
first half of 2021."
About Titan Pharmaceuticals
Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), based in South San Francisco, CA, is a development
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 regulatory approval process,
the development, testing, production and marketing of 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.