Titan Reports Second Quarter 2007 Results.SOUTH SAN FRANCISCO South San Francisco, city (1990 pop. 54,312), San Mateo co., W Calif.; inc. 1908. South San Francisco has several industrial parks; its manufactures include medical supplies and equipment, foods, paint, paper products, consumer goods, and clothing. , Calif. -- Titan Pharmaceuticals, Inc. (AMEX AMEX See: American Stock Exchange : TTP TTP (thymidine triphosphate): see thymine. ) today announced financial results for the second quarter ended June 30, 2007. Net loss for the second quarter of 2007 was approximately $3.5 million, or $0.08 per share, compared to a net loss of approximately $3.4 million, or $0.09 per share, for the same period last year. Research and development expenses were approximately $2.6 million, compared to $2.4 million for the same period last year. General and administrative expenses for the second quarter 2007 were approximately $1.4 million, compared to $1.2 million for the same period last year. At June 30, 2007, the Company had approximately $17.6 million in cash and marketable securities. "Financial operating results for the second quarter were consistent with expectations." stated Dr. Louis R. Bucalo, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We continue to focus our resources on the Probuphine Phase III development program for the treatment of opioid addiction, while our Spheramine and iloperidone programs continue to advance, supported by our development partners." Titan's Product Development Programs in Clinical Testing Iloperidone Iloperidone is Titan's novel agent in development for the treatment of schizophrenia The concept of a cure as such in the treatment of schizophrenia remains controversial, as there is no consensus on the definition of "treatment" in the case of schizophrenia, although some criteria for the remission of symptoms have recently been suggested. and other psychotic disorders. Vanda Pharmaceuticals, Titan's corporate partner for iloperidone, has stated that it anticipates filing an NDA (Non Disclosure Agreement) An agreement signed between two parties that have to disclose confidential information to each other in order to do business. In general, the NDA states why the information is being divulged and stipulates that it cannot be used for any for iloperidone in the fourth quarter of 2007, and is targeting potential product launch in the U.S. in 2009. Probuphine Probuphine is a novel formulation of buprenorphine under development by Titan for the treatment of opioid addiction. Patient enrollment in the randomized ran·dom·ize tr.v. ran·dom·ized, ran·dom·iz·ing, ran·dom·iz·es To make random in arrangement, especially in order to control the variables in an experiment. , double-blind, placebo-controlled, multi-center Phase III clinical study of Probuphine is continuing and enrollment is planned to be completed by year-end. This clinical study will evaluate the safety and effectiveness of Probuphine in the treatment of opioid addiction. Spheramine Spheramine is Titan's novel cell therapy product in development for the treatment of Parkinson's disease. Patient enrollment in the randomized, double-blind, controlled Phase IIb clinical study of Spheramine in the treatment of Parkinson's disease has been completed. A total of 71 patients were treated in the study. The results from this study are expected to be available in the second half of 2008. DITPA DITPA (3,5-diiodothyropropionic acid) is an orally active analogue of thyroid hormone (T3). DITPA is being evaluated as a potential treatment for hyperlipidemia hyperlipidemia /hy·per·lip·id·emia/ (-lip?i-de´me-ah) elevated concentrations of any or all of the lipids in the plasma, including hypertriglyceridemia, hypercholesterolemia, etc. in a Phase II, randomized, double-blind, placebo-controlled, investigator sponsored study at the Johns Hopkins Medical Institutions in Baltimore. The study includes individuals receiving standard lipid-lowering therapy, whose LDL cholesterol levels are above National Cholesterol Education Program The National Cholesterol Education Program is a program managed by the National Heart, Lung and Blood Institute, a division of the National Institutes of Health. Its goal is to reduce increased cardiovascular disease rates due to hypercholesterolemia (elevated cholesterol (NCEP NCEP National Cholesterol Education Program ) guidelines. The study will evaluate DITPA as a cholesterol lowering agent in combination with statin stat·in n. Any of a class of drugs that inhibit a key enzyme involved in the synthesis of cholesterol and promote receptor binding of LDL cholesterol, resulting in decreased levels of serum cholesterol. treatment. Gallium maltolate Gallium maltolate is Titan's novel oral agent in development for the potential treatment of chronic bacterial infections, bone disease and cancer. Data from recent preclinical testing demonstrating that treatment with gallium maltolate can alter biofilm Biofilm An adhesive substance, the glycocalyx, and the bacterial community which it envelops at the interface of a liquid and a surface. When a liquid is in contact with an inert surface, any bacteria within the liquid are attracted to the surface and adhere architecture and bacterial morphology at the site of infection were presented at the American Society for Microbiology The American Society for Microbiology (ASM) is a scientific organization, based in the United States although with over 43,000 members throughout the world. It is the largest single life science professional organization and its members include those whose interests encompass basic Biodefense and Emerging Diseases Research Meeting in March 2007. Studies with gallium maltolate in other preclinical settings are ongoing. About Titan Pharmaceuticals Titan Pharmaceuticals, Inc. (AMEX: TTP) is a biopharmaceutical company focused on the development and commercialization of novel treatments for central nervous system disorders Nervous system disorders A satisfactory classification of diseases of the nervous system should include not only the type of reaction (congenital malformation, infection, trauma, neoplasm, vascular diseases, and degenerative, metabolic, toxic, or deficiency , cardiovascular disease, bone disease and other disorders. Titan's products in development utilize novel technologies that have the potential to significantly improve the treatment of these diseases. Titan also establishes partnerships with government institutions and other leading pharmaceutical development companies. For more information, please visit the Company's website at www.titanpharm.com. The press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to the Company's development program and any other statements that are not historical facts. Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to difficulties or delays in development, testing, regulatory approval, production and marketing of the Company's drug candidates, adverse side effects or inadequate therapeutic efficacy of the Company's drug candidates that could slow or prevent product development or commercialization, the uncertainty of patent protection for the Company's intellectual property or trade secrets, and the Company's ability to obtain additional financing. Such statements are based on management's current expectations, but actual results may differ materially due to various factors, including those risks and uncertainties mentioned or referred to in this press release. [TABLE OMITTED] |
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