SOUTH SAN FRANCISCO, Calif.,
Oct. 12, 2021 /PRNewswire/
-- Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) ("Titan" or the
"Company") today announced that it has entered into a research and
option license agreement (the "Agreement") with the MUSC Foundation
for Research Development ("MUSC FRD").
Under the terms of the Agreement, Titan will conduct certain
research, evaluation, proof of concept development and testing of
at least three tetrapeptide kappa-opioid receptor agonist compounds
related to the provisional U.S. patent application previously
assigned to FRD by the Medical University of
South Carolina ("MUSC") and entitled "Opioid Agonists and
Methods of Use Thereof." In exchange, FRD has granted Titan the
option to acquire an exclusive worldwide, commercial license to the
inventions related to MUSC's compounds.
"We are excited to begin research on MUSC FRD's tetrapeptide
kappa-opioid receptor agonist compounds, particularly following
encouraging early results from the first studies of Titan's
kappa-opioid receptor agonist peptide, TP-2021, in a murine model
of chronic pruritis," said Kate Beebe
DeVarney, Ph.D., President and Chief Operating Officer of
Titan. "Having recently demonstrated that ProNeura-based implants
provided sustained, therapeutic levels of TP-2021 in this animal
model, we believe that our platform can be applied to MUSC FRD's
compounds as well, potentially strengthening and broadening Titan's
patent portfolio in this field."
Scott Davis, Ph.D., MUSC FRD's
Senior Director of Innovation Support and Commercialization,
commented, "We are pleased to enter into this Agreement with Titan
to develop, and potentially commercialize these promising
therapeutic compounds and look forward to the results of Titan's
research initiatives."
About the MUSC Foundation for Research Development
MUSC FRD is responsible for evaluating all intellectual assets
the enterprise owns and generates, cultivating value, and forging
industry and other relationships resulting in products and services
that provide real-life solutions to the world's medical needs.
Whether its translations involve a technology license, research
collaboration, or new start-up venture, the foundation serves as a
dedicated one-stop shop for advancing innovation at MUSC. The team
is also dedicated to building an ecosystem of innovation whose
activities contribute to MUSC's overall economic impact on its
state and country. For more information on MUSC FRD, please visit
https://web.musc.edu/innovation/frd.
About Titan Pharmaceuticals
Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) is a
development-stage biotechnology company developing proprietary
therapeutics using its clinically proven
ProNeura® long-term, continuous drug delivery
technology. The ProNeura technology has the potential to be used in
developing products for treating a number of chronic conditions
where maintaining consistent, around-the-clock blood levels of
medication may benefit the patient and improve medical outcomes.
For more information about Titan, please
visit www.titanpharm.com.
Forward-Looking Statements
This press release may contain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such statements
include, but are not limited to, any statements relating to our
product development programs and any other statements that are not
historical facts. Such statements involve risks and uncertainties
that could negatively affect our business, operating results,
financial condition and stock price. Factors that could cause
actual results to differ materially from management's current
expectations include those risks and uncertainties relating to our
ability to raise capital, the winding down of U.S. commercial
activities related to Probuphine, the regulatory approval process,
the development, testing, production and marketing of our drug
candidates, patent and intellectual property matters and strategic
agreements and relationships. We expressly disclaim any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in our expectations or any changes in events, conditions or
circumstances on which any such statement is based, except as
required by law.
CONTACT:
Stephen Kilmer
Investor Relations
(650) 989-2215
skilmer@titanpharm.com
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SOURCE Titan Pharmaceuticals, Inc.