SOUTH SAN FRANCISCO, Calif.,
March 31, 2021 /PRNewswire/
-- Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) announced
today that it has filed its annual report on Form 10-K for the
fiscal year ended December 31, 2020
with the Securities and Exchange Commission ("SEC").
In October 2020, Titan announced a
strategic restructuring, including the discontinuation of its U.S.
Probuphine® implant sales and the wind down of Probuphine
commercialization activities. This was shortly followed with its
acquisition of a kappa opioid agonist peptide, or TP-2021 (formerly
JT-09), and the settlement of substantially all of its outstanding
debt, all of which has enabled the Company to pursue a plan focused
on its current, early-stage ProNeura®-based product development
As a result of this restructuring, the financial statements in
Titan's Form 10-K reflect results of operations from both
continuing and discontinued operations.
Titan's net loss from continuing operations for the year ended
December 31, 2020 was approximately
$7.4 million, or approximately
$1.96 per share, compared to a net
loss from continuing operations of approximately $7.5 million, or approximately $9.78 per share, for the comparable period in
2019. The net loss from discontinued operations for the year ended
December 31, 2020 was approximately
$10.8 million, or approximately
$2.87 per share, compared to a net
loss from discontinued operations of approximately $9.0 million, or approximately $11.71 per share, for the comparable period in
At December 31, 2020, Titan had
cash and cash equivalents of approximately $5.4 million, which the Company believes,
together with the approximately $8.9
million of the net proceeds from its January 2021 Offering, are sufficient to fund its
planned operations into the first quarter of 2022.
"As a result of our transition from a commercial-stage back to a
development-stage company, we have discontinued hosting quarterly
investor conference calls. Of course, Titan remains committed to
disclosing all material news and information in a timely manner,
and we look forward to updating investors accordingly as we move
forward," said Marc Rubin, M.D.,
Titan's Executive Chairman.
A copy of Titan's annual report is available on the SEC's
website at www.sec.gov, and on the Company's website at
www.titanpharm.com under "Annual Reports" in the Investors
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.
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.
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SOURCE Titan Pharmaceuticals, Inc.