At December 31, 2014, Titan had cash and cash equivalents of approximately $15.5 million compared with approximately $11.8 million at December 31, 2013. Titan believes that its working capital at December 31, 2014 is sufficient to fund planned operations into the fourth quarter of 2016.
"Titan saw significant progress in 2014 both with the Probuphine development program for the maintenance treatment of opioid dependence and in advancing our ProNeura™-based non-clinical program for Parkinson's disease. Having reached agreement with the FDA in early 2014 on the Probuphine clinical study design, Braeburn expeditiously commenced the clinical study and completed full patient enrollment in November, almost two months ahead of an already aggressive schedule," said Titan President Sunil Bhonsle. "Importantly, we look forward to results from the Probuphine trial by the end of the second quarter this year and resubmitting the NDA in the second half of 2015. If approved, Probuphine would be the first and only commercialized treatment for opioid dependence to provide continuous, round-the-clock blood levels of buprenorphine for six months, bringing a much-needed treatment option to the millions of patients suffering from this terrible illness."
About Titan Pharmaceuticals
Titan Pharmaceuticals Inc. (TTNP.OB), based in South San Francisco, CA, is a specialty pharmaceutical company developing proprietary therapeutics primarily for the treatment of serious medical disorders. The company's lead product candidate is Probuphine®, a novel and long-acting formulation of buprenorphine for the long-term maintenance treatment of opioid dependence. Probuphine employs Titan's proprietary drug delivery system ProNeura™, which is capable of delivering sustained, consistent levels of medication for six months or longer. Titan has granted North American commercial rights for Probuphine to Braeburn Pharmaceuticals. If approved, Probuphine would be the first and only commercialized treatment of opioid dependence to provide continuous, around-the-clock blood levels of buprenorphine for six months following a single procedure. The ProNeura technology has the potential to be used in developing products for treating other chronic conditions, such as Parkinson's disease, where maintaining consistent blood levels of a dopamine agonist may benefit the patient and improve medical outcomes.
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