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Tag: Titan Pharmaceuticals

  • Titan Pharmaceuticals (TTNP) Stock Soars Following Strategic Merger Announcement

    Titan Pharmaceuticals (TTNP) Stock Soars Following Strategic Merger Announcement

    After KE Sdn. Bhd. (KE) and Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) announced a merger agreement, the stock of the former saw a notable spike on US stock charts. TTNP shares surged by 79.28% to $9.00 during after-market trading, extending a 4.80% gain that occurred during regular trading hours, when the stock closed at $5.02. The deal is a key component of Titan Pharmaceuticals’ future strategy, having been authorized by the board of directors.

    How Titan Pharmaceuticals Execute The Merger Agreement

    A “reverse merger” comprising many stages is how Titan Pharmaceuticals and KE arranged their merger. Titan Pharmaceuticals and TTNP Merger Sub, Inc., a Delaware corporation and the sole owner of BSKE Ltd., a Cayman Islands exempted company, will first combine.

    Following this, the company will emerge as the surviving entity and a direct wholly owned subsidiary of BSKE. This strategic maneuver is expected to significantly alter the corporate landscape of both entities.

    Upon the filing of a proxy statement/prospectus by Titan Pharmaceuticals and BSKE, KE shareholders will have the opportunity to enter into a share exchange agreement. Those opting in will exchange their KE shares for ordinary shares of BSKE.

    However, the company reserves the right to terminate the merger agreement if fewer than all KE shareholders agree to the share exchange within the stipulated timeframe.

    Expected Ownership and Leadership Changes

    Upon completion of the merger, the ownership structure of the combined company will see a significant shift. The existing security holders of KE and Titan Pharmaceuticals, excluding The Sire Group Ltd. (Sire) and the current directors and officers of Titan, are projected to hold approximately 86.7% and 13.3% of the outstanding shares, respectively.

    Dato’ Seow Gim Shen, Chairman and CEO of Titan Pharmaceuticals, who holds 47.4% of KE’s outstanding shares and is the sole stockholder of Sire, is expected to own 48.9% of the combined company’s shares post-merger.

    This ownership distribution may be subject to change due to potential dilution from financing activities associated with the merger’s closing.

  • Titan Pharmaceuticals, (TTNP) stock flying after reverse stock split

    Titan Pharmaceuticals, (TTNP) stock flying after reverse stock split

    The South San Francisco-based development stage company, Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) skyrocketed over 2300% to trade at $4.0200 in pre-market session soon after the company reported that it has approved a 1-for-30 reverse stock split of the common stock of the Company by its Board of Directors, effective at 5:00 p.m. On Monday, November 30, 2020 Eastern Time. At a Special Meeting of Stockholders on November 30, 2020, the company’s stockholders approved the reverse stock split. The Company’s stock will start trading on a split-adjusted basis on the Nasdaq Capital Market beginning on the 1 December 2020 market open.

    Every 30 shares of the Company’s issued and outstanding common stock would be immediately combined as a result of the reverse split and converted into one issued and outstanding common stock share, equivalent to $0.001 per share. In accordance with the inverse stock split, the Company would not issue any fractional shares. The number of shares will be rounded up to the next maximum number instead. The reverse stock split would not change the common stock’s rights or desires.

    There will be approximately 6.6 million shares of common stock issued and outstanding immediately after the reverse split becomes successful. Effective December 1, 2020, the common shares will trade under a new CUSIP number, 888314606, and continue to trade under the symbol ‘TTNP.’ All stock options and warrants of the Company outstanding immediately prior to the reverse stock split have been changed proportionately.

    In order to serve as an exchange agent for the reverse stock split, the company has named Continental Stock Transfer & Trust Company as its transfer agent. Stockholders holding shares through a bank, broker or other candidate will automatically have their positions changed to reflect the reverse stock split and will not be forced to take any action in relation to the reverse stock split, subject to the relevant processes of the brokers.

  • Titan Pharmaceuticals (NASDAQ: TTNP) Is Plunging. Here’s Why

    Titan Pharmaceuticals (NASDAQ: TTNP) Is Plunging. Here’s Why

    Share of Titan Pharmaceuticals (NASDAQ: TTNP) traded down -20.46% during the trading session of Monday after the company disclosed that it has settled all of its debt obligations with Molteni & C. dei F.lli Alitti Società di Esercizio S.p.A (Molteni) and Horizon Credit LLC II. TTNP has signed an agreement to settle all the debt and the company has also entered into an agreement to buy JT Pharmaceuticals, Inc.’s kappa opioid agonist peptide, JT-09.

    Titan Pharmaceuticals is planning to use JT-09 in combination with Titan’s ProNeura® long-term, continuous drug delivery technology, for the treatment of chronic pruritus. It has earlier disclosed that it has signed an asset purchase agreement with JT Pharmaceuticals.

    The execution of both the agreement based on Titan’s closing of the earlier announced underwritten public offering, which occurred on October 30, 2020. It has revealed that after the debt settlement agreement there is no one who can claim the assets rights of Titan in the future.

    Titan’s Executive Chairman, Dr. Marc Rubin disclosed that with the profit it has earned through recent public offering and the reduction in operating expenses, it is now capable to advance preclinical development of its ProNeura-based product candidate pipeline, including establishing proof of concept with JT-09 in the first half of 2021.

    Titan Pharmaceuticals (NASDAQ: TTNP) shares were trading down -20.46% at $0.11 at the time of writing on Monday.  Titan Pharmaceuticals share price went from a low point around $0.11 to briefly over $0.55 in the past 52 weeks. It has moved down -1.06% from its 52-weeks low and moved down -79.52% from its 52-weeks high. TTNP market cap has remained high, hitting $16.94 at the time of writing.

    Titan Pharmaceutical earlier revealed that after the agreement with JT Pharmaceuticals, JT Pharma has full rights to get future milestone payment of Titan based on the achievements. The company will use JT-09 in combination with Titan’s ProNeura continuous drug delivery technology, for the treatment of chronic pruritus. Chronic Pruritus is the itching condition on the skin.

     

  • Titan Pharmaceuticals (NASDAQ: TTNP) Announces Asset Purchase Agreement With JT Pharmaceuticals

    Titan Pharmaceuticals (NASDAQ: TTNP) Announces Asset Purchase Agreement With JT Pharmaceuticals

    Titan Pharmaceuticals (NASDAQ: TTNP) shares soared 28.71% during the pre-market trading session of Tuesday after the company announced that it has signed an Asset Purchase Agreement with JT Pharmaceuticals, Inc. Titan Pharmaceuticals revealed that it has bought the kappa opioid agonist peptide, JT-09 of JT Pharmaceuticals, for use in combination with Titan’s ProNeura long-term, continuous drug delivery technology, for the treatment of chronic pruritus.

    According to the agreement, JT Pharma has full rights to get Titan’s future milestone payments based on the achievement of regulatory milestones, including possible regulatory approvals for commercialization, as well as payments beyond the single-digit percentage earnings on net sales of the product. The execution of the Asset Purchase Agreement is based on the completion of financing with gross profits of at least $8,000,000 and other closing conditions. 

    Chronic Pruritus is an itching condition on the skin that lasts for more than six weeks and it caused inflammatory skin diseases. Current treatments of this disease are not effective and are leaving undesirable side-effects.

    President and Chief Operating Officer of Titan, Dr. Kate DeVarney said: “Our preliminary non-clinical data reveals that specialized implantation of JT-09 ProNeura Implants could possibly provide JT-09 treatment for a period of six months or more.” The company is planning to conduct additional clinical studies to establish proof-of-concept with the data available in the first half of 2021.

    Titan Pharmaceuticals (NASDAQ: TTNP) shares were trading up 31.83% at $0.1690 at the pre-market trading session of Tuesday. Titan Pharmaceuticals (NASDAQ: TTNP) share price went from a low point around $0.11 to briefly over $0.55 in the past 52 weeks. In the pre-market trading session, it has a trading volume of 18.33 million. TTNP market cap has remained high, hitting $14.32 Million at the time of writing.