Titan’s President and CEO, Sunil Bhonsle said that the second half of 2018 as the company’s rapid advancement toward becoming a commercial-stage company following its assumption of responsibility for Probuphine sales in the U.S. starting mid-June.
In the press release announcing the financial results for the fourth quarter and full year ended December 31, 2018 In 2019, Bhonsle noted that the company’s focus will be on the continued expansion of patient access to Probuphine in the U.S., while supporting the efforts of its commercialization partners for the product in Canada and Europe.
Titan reported approximately $1.2 million in revenue for the three months ended December 31, 2018 , compared with approximately $58,000 in the same period in 2017.
Net loss in the fourth quarter of 2018 was approximately $3.5 million.
Net loss for 2018 was approximately $9.3 million, compared with net loss of approximately $14.3 million, for 2017.
The company noted that, at December 31, 2018, it had cash and cash equivalents of approximately $9.3 million, which the company believes, along with the $0.6 million received from the subsequent exercise of warrants, are enough to fund planned operations through the third quarter of 2019.
Titan’s Executive Chairman, Dr. Marc Rubin said: “As we move forward, we remain confident that our strategy is working and that Probuphine is well-positioned for global success.”
Year-to-Date 2019 Business Highlights
- In January 2019, pursuant to stockholder authorization, Titan effected a 1-for-6 reverse stock split of the company’s issued and outstanding shares of common stock, warrants and options.
- In January 2019, Titan provided an update on its commercial activities, including positive initial results of the Probuphine relaunch.
- In February 2019, Titan executed a specialty pharmacy distribution and services agreement for Probuphine with AllianceRx Walgreens Prime.
- In March 2019, Titan announced an agreement with AppianRx to provide a full suite of patient support services related to Probuphine. AppianRx is an Artificial Intelligence (AI) focused healthcare solutions company providing patient centric access, adherence, compliance and distribution services to biotech and pharmaceutical manufacturers.