Jason Napodano, CFA
Research analyst, medium-term horizon, biotech, small-cap

Titan Pharma Gets Solidified Commitment From Braeburn To Probuphine

On November 13, 2013, Titan Pharmaceuticals (NASDAQ:TTNP) announced a restructuring of the Probuphine commercialization agreement with Braeburn Pharmaceuticals Sprl whereby Braeburn will make an additional equity investment in Titan Pharma, reduce the U.S. FDA approval milestone for Probuphine, and restructure the total milestone potential payable to Titan. Below we highlight the key points of the revised agreement:

  • Braeburn will make a new $5.0 million equity investment in Titan Pharmaceuticals by acquiring 6.25 million shares of common stock at $0.80 per share. We remind investors that Braeburn already owned 3.40 million shares of stock prior to this transaction dating back to the exclusivity option and stock purchase agreement in September 2012. In total, Braeburn now owns 9.650 million shares
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