Titan Pharmaceuticals, Inc. (OTCMKTS:TTNP) is firmly moving forward with its designed plans. The company’s Phase III study with Probuphine is fully-enrolled and the data is expected to be released in June 2015. As per Seeking Alpha, the company can re-submit the NDA after the data presentation and the review time can be of six months, which places the PDUFA in early 2016. The company is also expanding the scope of ProNeura technology to cure Parkinson’s disease and other conditions. The shares are trading close to $0.80 and can touch $2 after Probuphine gets approved.
Titan Pharmaceuticals announced financial results for 1Q2015 last month. The total revenues came at $0.9 million, which was at par with all preceding four quarters in 2014. The revenues included the paying off of upfront payments from Probuphine’s commercialization associate, Braeburn Pharmaceuticals. The company chose to pay a significant amount in the first quarter instead of splitting remaining amount of $1.7 equally over all four quarters in FY2015. The experts expect that the company will record remaining $0.8 million in 2Q2015.
Titan Pharmaceuticals reported that operating expenses in 1Q2015 came at $2.5 million, comprised of $1.1 million in G&A and $1.4 million in R&D. Research & Developments costs came higher due to increases in external expenses related with the progress of the Probuphine® product development plan and the preparation and review of its NDA prior to the acknowledgment of CRL in April 2013. The increases in G&A costs were due to increased non-cash stock compensation, and other employee-related costs. The majority of the costs related with the current clinical plan are borne by Braeburn.
In last trading session, the stock price of Titan Pharmaceuticals, Inc. (OTCMKTS:TTNP) declined more than 2% to close the trading session at $0.80. The decline came at a share volume of 364,991 compared to average share volume of 312,887.