Titan Pharmaceuticals Inc. (NASDAQ:TTNP) has announced its Q1 2020 financial results and provided operational updates.
Titan Pharmaceuticals reports revenue of $1.3 million in Q1
The company reported $1.3 million in revenue, with most of the revenue attributed to grants compared to revenue of $945,000 in Q1 2019. The company saw a drop in product revenue from $317,000 to $210,000, with license revenues being zero, but grant revenue increased from $315,000 to $1.1 million. Enhanced activities associated with the NIDA grant resulted in an increase in R&D expenses to $2.3 million.
Titan reported a net loss of $5.6 million or 7 cents per share compared to Q1 2019’s net loss of $4.5 million or 34 cents per share. The net loss benefitted following a non-cash grant linked to a warrant valuation that added $1.1 million to the company’s bottom.
Titan enhances distribution efforts through partnerships
The company has been working towards setting up the necessary ecosystem for the commercialization of Probuphine. Titan has enhanced its distribution network through partnerships to cover the US’s whole with leading specialty pharmaceutical companies. The company already has a partnership with AllianceRX, which is helping with fulfillment and payors as well as with AppianRx to offer patients support. Similarly, the company is working with Accredo for billing, inventory management, and payment.
In July last year, the company added CVS Caremark to its list of distributors by entering an agreement for specialty product distribution. The company’s other partners include Molteni Farmaceuticci and Knight Therapeutics, which are advancing Sixmo and Probuphine in Europe and Canada. Despite all these incredible efforts the company has made, the growth of product sales has continued to be elusive.
The company also launched a campaign aimed at enhancing awareness for Probuphine dubbed Step Into Stability. This initiative, in partnership with various institutions and public health officials, aims at reducing buprenorphine’s daily dosing by educating providers, patients, and health plan members. The campaign seeks to show the Probuphine implant benefits relative to current therapy.