Titan Pharmaceuticals, Inc. (OTCBB:TTNP), which is a developer of specialty therapeutics, recorded a rise in the session after reporting fourth quarter and year ended results for 2014. The company said in a press release that it achieved total revenues of $3.6 million in 2014, which compares with $10.5 million achieved in 2013.
The company specified the reason for a huge difference in its revenues during the two year. It said that the nearly $9.1 million of revenues reported in 2013 belonged to the amortized upfront license fee received from its commercialization partner Braeburn Pharmaceuticals. It said that $1.4 million of revenues in 2013 was part of a royalty payment received on net sales of Fanapt, paid to Deerfield Management. Titan Pharmaceuticals, Inc. (OTCBB:TTNP) further stated that all of the revenues attained in 2014 are related to the amortization of the license fee received upfront.
R&D expenses went down by 50%
The company said that its total operating expensed in the year stood at $7.1 million as against $11.4 million in 2013. Expenses to the tune of $4.1 million relate to the Research and Development (R&D) expenses in 2014. Titan Pharmaceuticals, Inc. (OTCBB:TTNP) said that there is a decline of 50% or $4.2 million in the expenses spent on R&D over the last one year. Such an extent of decline in the company’s R&D expenses was primarily due to the overall decline in external R&D expenses of Probuphine development program.
Also, the company witnessed a sharper decline in its expenses due to lesser costs associated with the review of the ‘Probuphine new drug application (NDA)’ as costs were equally shared by Braeburn. The company’s General and Administrative expenses remained static at $3.1 million during 2014.
The company posted net income of $1.1 million as against $10.6 million posted in 2013. The net loss to the shareholders stood at $2.4 million or $0.03 per share. The stock of Titan Pharmaceuticals, Inc. (OTCBB:TTNP) surged by 6% and closed the previous session at $0.710 while 454,153 shares changed hands.