Titan Pharmaceuticals Inc. (NASDAQ:TTNP) has announced that it’s Molteni Farmaceutici partner has signed an exclusive commercialization agreement with Accord Healthcare for Sixmo®, which is Probuphine®’s brand name in the EU.
Titan to receive up to $1.1 in milestone and royalty payments from sales of Probuphine
The distribution agreement will bring together Molteni’s heritage and expertise in the specialty opioid addiction market with enhanced commercial reach. Accord is currently the fastest growing pharmaceutical company in the European Union, and the commercialization agreement will be a massive opportunity.
Titan CEO and President Sunil Bhonsle stated that Accord was a leading global pharmaceutical company currently has a huge presence in Europe. Therefore, the move to foray into the addiction treatment market with the six-month buprenorphine implant (Sixmo®) affirms the attractiveness of the novel product and the potential of the proprietary tech in the fight against opioid addiction. Bhonsle added that they are preparing for shipment of the product to Molteni in readiness for the European launch.
As per the asset purchase, support, and supply agreement between Titan and Molteni, Bhonsle added that Titan will be entitled to around $1.1 million in milestone payments in the future and royalty payments ton Sixmo® sales as from the second half of 2020.
Probuphine® helping in the fight against opioid addiction
Probuophine® is Titan’s lead product candidate developed from the company’s ProNeura® long-term drug-delivery tech. The product is in the form of an implant that offers proprietary and long-acting buprenorphine formulation to treat opioid addiction. The company received approval from the FDA for Probuphine in 2016, and it is currently the first and only available commercialized opioid dependence treatment. The implant provides round the clock continuous blood levels of buprenorphine for up to six months from just a single procedure.
The company’s novel ProNeura® tech can be used in developing other drugs from chronic diseases like hypothyroidism and Parkinson’s disease to offer consistency in maintaining medication levels in the blood to offer significant benefits to the patient.