Yesterday, the share price of Titan Pharmaceuticals, Inc. (OTC:TTNP) fell to a six-month bottom for no apparent reason. Latest news from TTNP came at the end of August and since then the share price of TTNP is declining as there could to be another delay in the company’s plans. 
TTNP closed the market yesterday at $1.27 with a loss in value of 7.30%. During the session, TTNP fell through the $1.30 support and reached $1.18 for a share. Trading volume was almost twice the average with over 109,000 traded shares. Investors were probably expecting news from Titan Pharmaceuticals in the middle of September, but as no PR came out maybe now uncertainty prevails on the market.
At the end of August TTNP confirmed that it would have a Pre-New Drug Application meeting with the FDA on October 25 concerning the company’s current drug under development Probuphine. Titan was required to submit to the FDA a document with all the data from the non-clinical and clinical studies and certain other information about Probuphine. That submission has not been confirmed by the company yet, and now investors will probably have to wait until October 25. Probuphine is in Phase 3 clinical development and it is developed for the treatment of opioid addiction.
Titan Pharmaceuticals currently has the right to receive royalty payments for another already approved and marketed drug for the treatment of schizophrenia. These revenues are, however, by far insufficient to cover the research and development expenses. TTNP signed this year a funding agreement for up to $20 million over a promissory note in the same principal amount, but $7.7 million of that amount have been used to repay a previous obligation.
The latest 10-Q says also the TTNP management may need to raise additional capital by the end of the year because an FDA-required additional primary analysis had led to a delay in the results of the Phase 3 study for Probuphine, and has thus delayed the company’s timeline.
