Shares of Titan Pharmaceuticals (OTC BB: TTNP) jumped late last month after a positive meeting with the FDA indicated that the approval path for Probuphine, a treatment for opioid addiction which is also being investigated for efficacy in treating chronic pain, would not be delayed as many investors had previously feared.
As a result of the meeting, Titan will be moving forward with plans to file a new drug application (NDA) with the FDA for Probuphine in the treatment of opioid addiction based on the data currently available from the already-concluded clinical trials. An update on that plan my be forthcoming on Thursday, as Titan is set to announce its results for the third quarter and host a conference call.
In addition to an update on the Probuphine filing, investors may also be looking for any indications that Titan is closer to landing a partner, in line with statements made by company officials during a previous conference call. Previous reporting has also hinted that Titan could be a takeover target, as well, so the possibilities abound for Titan now that the FDA situation is cleared up.
Should anything materialize on the partnership or buyout front, expect the news to hit before the conference call, otherwise Thursday will just be another day at the office for the company and its investors.
Titan also receives an 8% royalty on sales of Vanda's (NASDAQ:VNDA) and Novartis' (NYSE:NVS) schizophrenia drug, Fanapt, although that product has failed to hit the ground running with any significant momentum since its launch a couple of years ago, and could be considered a non-factor moving forward, barring any swift changes in prescription rates.
With earnings due, Titan will be one to watch this week.
Disclosure: Long TTNP