Titan Pharmaceuticals, Inc. (OTC: TTNP) has made an explosive move in recent trading sessions from a start point of around $0.70 to a recent high of $1.05. This is a stock with a history of spectacular runs; Back in 2009 TTNP ran from lows of a penny to highs of $2.50 per share so when volume and price on Titan start to accelerate investors would be smart to take notice!
Last Friday the maker of Fanapt® (iloperidone) and Probuphine announced a stock purchase agreement with an affiliate of the potential licensee of the rights to commercialize Probuphine(NYSE:R) which is a novel, subcutaneous implant formulation of buprenorphine designed for the treatment of opioid addiction and is currently in Phase 3 clinical development. Under the agreement Titan sold 3,400,000 shares of its common stock 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.
While revenues continue to improve this year over last; for the 6 months ended June 30, 2012 TTNP reported $2,588,000 in revenues as compared to $1,318,000 for the same period in 2011, Titan who has been struggling as of late under significant debt load
Conclusion: TTNP has been making explosive gains in the last few trading sessions and speculators need to take notice because this stock has a history of explosive moves. It looks as if there is some big things coming for Probuphine(R) and with the infusion of over $4M in capital the company is now well funded going forward and could easily move much higher from current price levels. Keep an eye on this one, these ex higher exchange stocks have a history of making big moves. Make sure you are subscribed to OTCMagic.com so you get the inside scoop on TTNP.
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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.