TTNP stock is still attracting buyers after the company announced that it was awarded a VA contract on January 13, 2020. The stock had a big surge in after-hours trading on January 16, 2020.
On January 13, 2020, Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) announced that it has signed an agreement for Probuphine (buprenorphine) implant to be included on the Federal Supply Schedule (“FSS”), providing U.S. veterans and other federal government agencies with access to Titan’s novel 6-month maintenance treatment for Opioid Use Disorder (“OUD”) in eligible patients. The final FSS contract is effective January 15, 2020 and has a five-year term. The FSS contract will extend access to Probuphine to over nine million VA beneficiaries and others within the federal system.
“This agreement further extends the commercial reach of Probuphine to eligible patients suffering from OUD,” said Dane Hallberg, Titan’s Executive Vice President and Chief Commercial Officer. “Titan is committed to helping those who serve and have served our country, and it is our hope that, through this agreement, we can make a positive impact on the lives of veterans affected by this epidemic.”
Probuphine is the only subdermal implant designed to deliver buprenorphine continuously for six months following insertion.
Probuphine was developed using ProNeura®, the continuous drug delivery system developed by Titan that consists of a small, solid implant made from a mixture of ethylene-vinyl acetate and a drug substance. The resulting construct is a solid matrix that is placed subdermally, normally in the upper inner arm in an outpatient office procedure and removed in a similar manner at the end of the treatment period. The U.S. Food and Drug Administration (“FDA”) approved Probuphine in May 2016, and it is the first and only buprenorphine implant available for the maintenance treatment of opioid addiction in eligible patients.
On November 14, 2019, Titan Pharmaceuticals reported Q3 EPS of (18c) versus the consensus estimate of (21c). The company also beat on revenue, coming in at $900,000 versus the consensus estimate of $700,000.
“This quarter, we continued to make important progress on the commercial activities for Probuphine by expanding the specialty product distribution network and implementing the patient portal to enhance the capabilities of the product order processing hub,” said Titan’s President and CEO, Sunil Bhonsle. “We have also been engaged in addressing the company’s capital needs and raised gross proceeds of approximately $11.2 million from two financings, which enables us to expand our commercial efforts in select market segments, including potential partnering with other companies if possible.”