SOUTH SAN FRANCISCO, Calif: Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) today reported financial results for the first quarter ended March 31, 2019 and provided an update on its business.
First Quarter 2019 and Recent Business Highlights
In January 2019, Titan provided an update on its commercial activities, including positive initial results of the U.S. relaunch of Probuphine(r) (buprenorphine) implant, Titan's unique six-month maintenance treatment for opioid use disorder (OUD) in eligible patients.
In February 2019, Titan executed a specialty pharmacy distribution and services agreement for Probuphine with AllianceRx Walgreens Prime. In March 2019, Walgreens placed a material bulk order to stock its specialty pharmacies in five key geographies to meet anticipated product demand, revenues from which will continue to be recognized over future quarters, in accordance with U.S. GAAP.
In March 2019, Titan announced an agreement with AppianRx establishing a new 'hub' that provides a full suite of patient and healthcare provider support services related to Probuphine.
In April 2019, Titan and Molteni & C. dei F.lli Alitti Societa di Esercizio S.p.A. ("Molteni") announced that the Committee for Medicinal Products for Human Use ("CHMP") of the European Medicines Agency adopted a positive opinion recommending the granting of a marketing authorization for Sixmo, the brand name for Probuphine implant in the European Union. The European Commission is expected to issue its decision toward the end of June 2019.
In May 2019, Titan announced a product purchase and supply agreement for Probuphine with Accredo(r) specialty pharmacy, a subsidiary of Express Scripts.
"We have made important progress on our Probuphine commercialization strategy since the beginning of 2019," said Titan's President and CEO, Sunil Bhonsle. "We significantly expanded our specialty pharmacy network by bringing on board two nationally-recognized specialty pharmacies Alliance Rx Walgreens Prime and Accredo, and established AppianRx as the 'hub' that will streamline Probuphine's supply chain process. These new partnerships will improve access to long-term maintenance treatment with Probuphine for eligible patients and facilitate more efficient interactions among specialty pharmacies, physicians and payors. We have also made good progress in early-stage product development funded through grants from the National Institutes of Health and others, and continue to explore opportunities to...