Titan Pharmaceuticals Inc (NASDAQ: TTNP) has received clearance from the FDA for its Investigational New Drug Application for the Phase 1 study of its subdermal product candidate, nalmefene. Nalmefene is an opioid antagonist meant to prevent opioid detoxification in adults facing Opioid Use Disorder.
Titan receives IND clearance for ProNeura-based nalmefene.
COO and President Kate Beebe DeVarney commented, “FDA clearance of the IND for our ProNeura®-based nalmefene implant marks an important milestone in developing a novel product that may help answer the call for long-term treatment options in addiction medicine. We are very grateful for the support we received from the National Institute for Drug Addiction, or NIDA, that enabled us to meet this objective.”
Titan is a development-stage firm creating novel therapeutics through its ProNeura long-term drug-delivery tech. ProNeura tech can potentially be used in developing treatments for various chronic conditions where around-the-clock maintenance of blood levels could benefit the patient and enhance medical outcomes. The company commenced the process p exploring and evaluating strategic alternatives to boost shareholder value.
Activist Investing calls for a shareholder meeting to appoint directors
One of the company’s biggest shareholders Activist Investing LLC which controls around 25% of Titan Pharmaceuticals, has nominated various individuals for election to the company’s board of directors at the upcoming shareholder meeting. CEO David Lazar said they had submitted a request for the company to hold a special meeting to expand the size of the board by six directors and to elect their slate of six qualified professionals, Peter L Chasey, Avraham Ben-Tzvi, Eric Greenberg, David Nathan, and Matthew C McMurdo. The proposed individuals will fill the resulting vacancies to advance the company’s previously disclosed strategic alternatives.
The Nominees collectively have decades of experience in strategic turnarounds, corporate governance, deal structuring, investment management, finance, accounting, and corporate law. Lazar said they believe the professionals will be additive to titan Pharmaceuticals and its capability to unlock considerable shareholder value via a strategic transaction. The special shareholders meeting will be held on August 2, 2022.