Titan Pharmaceuticals, Inc. (OTCMKTS:TTNP) is firmly progressing with its designed plans to make its mark in the Pharma industry. The company reported that its Phase III trial with Probuphine enrollment is completed and data is anticipated to be issued in this month.
As per Seeking Alpha, the company intends to re-submit the NDA after the results presentation and the consideration time can be of six months. It indicates that PDUFA application will be there in early 2016. Along with this, Titan is expanding the range of ProNeura technology to treat Parkinson’s disease and several other conditions. As per the expert view at Seeking Alpha, the shares can touch level of $2 once the lead drug candidate gets approved.
Titan Pharmaceuticals released financial results for 1Q2015 in May. The total revenues stood at $0.9 million, which came at par with previous four quarters in 2014. The revenues comprised the paying off of initial payments made from Probuphine’s commercialization associate firm, Braeburn Pharmaceuticals.
The partner firm chose to make a large part of payment in the first quarter of 2015 instead of dividing $1.7 million equally over all four quarter of year. The experts expect the company to pay left over amount of $0.8 million in this quarter.
Titan Pharmaceuticals stated that operating expenses in the first quarter stood at $2.5 million. It included $1.1 million in G&A and R&D expenses of $1.4 million. Research & Developments costs surged due to increases in external costs linked with the advancement of Probuphine® product development plan. It also covered preparation and review of NDA before acceptance of CRL in April 2013. The jump in G&A costs can be attributed to added non-cash stock compensation, and employee-related costs.
In last trading session, the stock price of Titan Pharmaceuticals, Inc. (OTCMKTS:TTNP) surged more than 3% to close the trading session at $0.869.