Titan Pharmaceuticals Inc. (NASDAQ:TTNP) has announced that is Probuphine® commercialization partner, Molteni Farmaceutici, has signed an exclusive distribution agreement with Accord Healthcare Europe for the commercialization of Sixmo® in Europe. Sixmo® is the brand name for Probuphine, which is a six-months buprenorphine implant in.
Titan to receive $1.1 million in milestone and royalty payments for Probuphine
The distribution agreement will bring together the heritage and expertise if Molteni in the specialty opioid addition segment and leverage the extensive commercial reach of Accord Health. Accord is currently one of the rapidly growing pharmaceutical firms in Europe. Sunil Bhonsle, the CEO and President of Titan, stated that Accord is a leading Pharmaceutical company with a huge presence in Europe. The move to foray into the addiction treatments’ markets with Probuphine® shows the attractiveness of the company’s proprietary products and also the potential of its novel technology in contributing to the global opioid crisis.
Bhonsle said that they are ready to ship Sixmo® to Molteni ahead of commercial launch in Europe. According to the asset purchases, support, and supply agreement with Molteni, Titan is entitled to around $1.1 million in milestone payments and future royalty payments on Probuphine® sales as from the second half of next year.
Probuphine can stay in the system for up to 6 months with a single dose
Probuphine is the company’s lead product candidate produced with the proprietary ProNeura® continuous long term technology. It is an implant with long-acting buprenorphine formulation for long-term opioid maintenance treatment. The US Food and Drug Administration approved Probuphine in 2016 as the first and only commercialized opioid dependence treatment. The implant offers continuous round the clock buprenorphine blood levels for up to six months with a single procedure.
Most importantly, Titan’s ProNeura tech can be used in developing products for the treatment of chronic conditions like hypothyroidism and Parkinson’s disease. These are conditions in which consistent and round-the-clock medication blood levels maintenance may be beneficial to the patient and contribute to enhanced medical outcomes.