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Titan Pharmaceuticals (NASDAQ:TTNP) commenced trading on the OTC Bulletin Board on Wednesday under the symbol TTNP.OB, after the Financial Industry Regulatory Authority [FINRA] approved the move. Titan's first day on the new board was uneventful as the share price traded sideways throughout the day as the move was largely expected.

The OTCBB is a step up for the suddenly re-born Titan Pharmaceuticals, but the more significant news may have been the note in Wednesday's press release regarding the Probuphine patent.

In the PR, Titan indicated that the [taken directly from the press release] "United States Patent and Trademark Office [USPTO] posted a patent issue notification containing a projected issuance date of June 15, 2010 for Titan's United States patent application directed to the use of Probuphine® for the treatment of opiate addiction."

Extended patent protection for Probuphine in the opioid indication has been a key factor for determining the long term value of the company, and June 15th could offer closure to the issue - although I won't go so far as to predict a reaction from the share price on the news (if positive), because it looks like Titan is still taking shrapnel from the overly aggressive bashing campaign against Vanda (NASDAQ:VNDA) and Fanapt over the past couple of months.

Titan is once again trading at very attractive levels, in my opinion, when considering the potential development and advancement of Probuphine along with the potential sales growth of Fanapt.

Keep in mind, Novartis (NYSE:NVS) has reported barely one quarter's worth of Fanapt sales - it's far too early to call the drug a failure as some out there would have you believe, especially considering that the product is joining a market that rakes in $20 billion annually.

For the short term, let's keep the June 15th date in mind regarding Titan and see what the Patent Office has to say regarding Probuphine protection.

Disclosure: Long TTNP.