Titan Pharmaceuticals, Inc. (OTCMKTS:TTNP) has been making a lot of progress lately with its Probuphine trials. Additionally, TTNP is has a strong financial position, but weak revenues. This is something the Titan would want to change in the current quarter. The company announced that is has completed the enrollment of Probuphine’s phase-3 trial and initial data would be rolled out this month. Additionally, the company is also expanding its current products to treat more diseases, like ProNeura for Parkinson’s disease.
As per the company’s 1Q2015 results, Titan has $13.4 million in cash, $900,000 in revenues and a net loss of $4.8 million. Looking at the balance sheet, even if the company does not roll out Probuphine for the rest of the year, it would still have enough to make it to 2016. Most analysts believe that once the drug passes phase-3 of the medical trials, an NDA application would immediately be filed with the FDA, which is likely to be approved by the end of the year.
Titan had already scheduled the conference call to review the phase-3 trials to be held before markets open today. The company had hinted that the results from the trial are top of the line and the drug can be used to fight opioid addiction. The news comes as a source of delight for TTNP shareholders, who expect the stock to make a giant leap today. For its 1Q2015, Titan reported an increase in expenses for R&D, which stood at $2.5 million. The majority of this amount has been spent on the development and testing of Probuphine.
It is important to note, however, that the initial filing of an NDA for the drug had been rejected by the FDA. The agency had voiced some concerns related to the drug, ones which Titan states that it plans to answer with the phase-3 results. Consequently, the re-filing of the NDA is expected to go ahead as planned and Titan can soon be looking at a new product in the market.
Titan Pharmaceuticals, Inc. (OTCMKTS:TTNP) traded 110.33 million shares during the June 5 session to close at $0.797, after registering a decline of 2.21%.