The penny stock of Titan Pharmaceuticals Inc. (TTNP) is making a hard push to returning above the one-dollar level after more positive news on Probuphine®. Ever since announcing a $5.5 million direct offering on April 10th, TTNP stock has been unable to return to above $1 per share, falling as low as 0.60 just four weeks ago. Today’s stock purchase agreement which has the Company selling 3.4 million shares at $1.25 per share is sending the former AMEX listed biotech back towards the level it’s revenues dictate it should be at.
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TTNP Stock Chart
Market Cap: 58.79M
Last: 0.89, up 0.17 (23.61%)
Volume: 2,118,522
Dollar Volume: $1,792,992
High: 0.94
Low: 0.70
Trades: 398
Average Trade Size: 5,322
Authorized: 125,000,000
Issued and Outstanding: 66,054,266
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This morning’s news which hit roughly 45 mins after the market open were highlights of a Stock Purchase and Option Agreement with an affiliate of the potential licensee of the rights to commercialize Probuphine®, Titan’s novel formulation of buprenorphine in development for the treatment of opioid dependence. Under the agreement, the Company sold 3,400,000 shares of its common stock, TTNP, at $1.25 per share and agreed to an exclusive option period to execute the proposed licensing agreement which can be extended to the end of 2012 so that the potential partner can complete certain internal tasks.
Last month, when Titan reported their Q2 earnings for the period ended June 30, 2012, TTNP stock saw its lowest level in 52 weeks on the heels of it. Surprising when top line numbers came in at $1.36 million and $2.63 million for the three and six months ended June 30, 2012, respectively, versus $695 thousand and $1.64 million for the same periods in 2011, respectively. The Q2, 2012 results actually produced a lower net loss of $(1.72 million) versus $(6.99 million) for the three months ended June 30, 2012 and 2011 respectively. For the six months ended, net loss was just $(6.89 million) versus $(11.50 million), respectively.
About TTNP Stock
Titan Pharmaceuticals Inc. is a biopharmaceutical company developing proprietary therapeutics primarily for the treatment of central nervous system disorders. Titan’s principal asset is Probuphine®, the first slow release implant formulation of buprenorphine, designed to maintain a stable, round the clock blood level of the medicine in patients for six months following a single treatment.
Probuphine® is being developed for the treatment of opioid dependence with the potential to enhance patient compliance to medication, and limit diversion and accidental use of the daily dosed formulations. We are now in the New Drug Application preparation stage and expect to be in a position to submit such application in October 2012. The goal is to enter into one or more partnerships with capable pharmaceutical companies to commercialize Probuphine® in the U.S. and foreign markets, as well as to potentially develop the product for the treatment of chronic pain.
Bottom Line: As always, biotech penny stocks can get hot real fast and TTNP is proving that on this slower than normal Friday trading session. With the obvious sticker price issued to them from a potential partner, the upside from 0.89 is 40.45% which makes TTNP one of the penny stocks to be playing until the NDA submission.
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