SOUTH
SAN FRANCISCO, Calif., July 5, 2022
/PRNewswire/ -- Titan Pharmaceuticals, Inc. (NASDAQ: TTNP)
("Titan" or the "Company") today announced that the U.S. Food and
Drug Administration ("FDA") has cleared its Investigational New
Drug ("IND") application for a Phase 1 study of its six-month or
longer subdermal formulation of nalmefene, an opioid antagonist,
intended for the prevention of relapse following opioid
detoxification in adults with Opioid Use Disorder ("OUD").
Kate Beebe DeVarney, Ph.D.,
President and Chief Operating Officer of Titan, commented, "FDA
clearance of the IND for our ProNeura®-based nalmefene implant
marks an important milestone in developing a novel product that may
help answer the call for long-term treatment options in addiction
medicine. We are very grateful for the support we received from the
National Institute for Drug Addiction, or NIDA, that enabled us to
meet this objective."
About Titan
Pharmaceuticals
Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), based in South San Francisco, CA, is a development
stage company developing proprietary therapeutics with its
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. In
December 2021, Titan commenced a
process to explore and evaluate strategic alternatives to enhance
shareholder value.
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 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.