Share of Titan Pharmaceuticals (NASDAQ: TTNP) traded down -20.46% during the trading session of Monday after the company disclosed that it has settled all of its debt obligations with Molteni & C. dei F.lli Alitti Società di Esercizio S.p.A (Molteni) and Horizon Credit LLC II. TTNP has signed an agreement to settle all the debt and the company has also entered into an agreement to buy JT Pharmaceuticals, Inc.’s kappa opioid agonist peptide, JT-09.
Titan Pharmaceuticals is planning to use JT-09 in combination with Titan’s ProNeura® long-term, continuous drug delivery technology, for the treatment of chronic pruritus. It has earlier disclosed that it has signed an asset purchase agreement with JT Pharmaceuticals.
The execution of both the agreement based on Titan’s closing of the earlier announced underwritten public offering, which occurred on October 30, 2020. It has revealed that after the debt settlement agreement there is no one who can claim the assets rights of Titan in the future.
Titan’s Executive Chairman, Dr. Marc Rubin disclosed that with the profit it has earned through recent public offering and the reduction in operating expenses, it is now capable to advance preclinical development of its ProNeura-based product candidate pipeline, including establishing proof of concept with JT-09 in the first half of 2021.
Titan Pharmaceuticals (NASDAQ: TTNP) shares were trading down -20.46% at $0.11 at the time of writing on Monday. Titan Pharmaceuticals share price went from a low point around $0.11 to briefly over $0.55 in the past 52 weeks. It has moved down -1.06% from its 52-weeks low and moved down -79.52% from its 52-weeks high. TTNP market cap has remained high, hitting $16.94 at the time of writing.
Titan Pharmaceutical earlier revealed that after the agreement with JT Pharmaceuticals, JT Pharma has full rights to get future milestone payment of Titan based on the achievements. The company will use JT-09 in combination with Titan’s ProNeura continuous drug delivery technology, for the treatment of chronic pruritus. Chronic Pruritus is the itching condition on the skin.