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Titan Pharmaceuticals Announces Second Quarter 2010 Financial Results
Date:8/16/2010

SOUTH SAN FRANCISCO, Calif., Aug. 16 /PRNewswire-FirstCall/ -- Titan Pharmaceuticals, Inc. (OTC Bulletin Board: TTNP) today reported financial results for the second quarter ended June 30, 2010.

Total revenues for the second quarter of 2010 were $1.34 million, consisting primarily of grant and royalty revenues. Grant revenue from the National Institutes of Health (NIH) in support of the Phase 3 clinical study of Probuphine® was approximately $1.29 million, while royalty revenue received from Novartis on net sales of Fanapt® was approximately $ 55,000.

Total operating expenses for the second quarter of 2010 were approximately $3.07 million, compared with $1.77 million for the second quarter of 2009.  The year-over-year increase in expenses resulted primarily from an increase of approximately $1.68 million in research and development (R&D) expense related to the Phase 3 clinical study of Probuphine currently in progress, which was offset in part by a decrease in general and administrative (G&A) expenses during the 2010 quarter of $0.38 million due primarily to lower non-cash stock compensation expenses.

Net loss for the second quarter of 2010 was approximately $1.84 million or $0.03 per share compared with a net loss of $1.74 million or $0.03 per share for the second quarter of 2009.  

At June 30, 2010, we had cash and cash equivalents of $1.45 million. We believe that our working capital at June 30, 2010, together with proceeds from the NIH grants, in light of faster than expected patient enrollment in the Probuphine clinical study, will be sufficient to sustain our planned operations into November 2010.  

"During this quarter we made excellent progress with the confirmatory Phase 3 clinical study of Probuphine which continues to rapidly enroll patients, and we also received the U.S. patent covering Probuphine for t
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SOURCE Titan Pharmaceuticals, Inc.
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