TTNP - Earnings call transcript Q1 2018 | Titan Pharmaceuticals, Inc.

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Operator

Thank you for holding and welcome to the Titan Pharmaceuticals First Quarter 2018 Financial Results Conference Call. [Operator Instructions] Please be advised that this call is being taped at the company’s request and will be archived on the company’s website starting later today. At this time, I would like to turn the call over to Sunil Bhonsle, President and CEO of Titan Pharmaceuticals. Please go ahead.

Sunil Bhonsle

Thank you, Austin and thank you all for joining us. our Pharmaceuticals first review XXXX quarter provide update Titan results and and the an the for ended on to call financial to operational we Welcome business. March XX, website results wanted found issued And before actually titanpharm.com. we summary yesterday at the with providing our filed press inform on XX-K the that report Form SEC this a yesterday, on to and quarterly the we be morning, you release our it I can begin, and was of also

Joining Chairman; our Titan Scientific update will forward-looking on cautions our President results me get Vice today Dr. are Jennifer we the review company, from the Jennifer? the Chief required before Crowley, into on the financial Dr. and call details President provide Marc Rubin, But the statements. regarding Kiernan of Officer; and Executive an Executive and Brian Beebe, Finance. Kate Vice of

Jennifer Kiernan

disclaim certain be forward-looking than Thank everyone any results and cause include, involve Securities want to are regulatory and Securities financial back of on and I to could and which remind Act events, that obligation patent the and intellectual or the relating of within contained limited to not our to XXXX. statements change those information forward-looking operating circumstances include any will statement to, is development, our drug matters expressly XXA based, risks and testing, historical development of changes commercialization any of affect matters; conditions reflect any production to statements or of uncertainties marketing required XXXX Such any meaning differ materially uncertainties you, expectations, in revisions by you, that of the business, publicly herein that that current programs updates property agreements and Exchange stock of to expectations We the Factors Probuphine; the undertaking actual XXE statements Section the process; And Sunil. relating from other results, today or may Sunil. except relationships. Section risks to release conditions candidates; strategic but historical product discussed and facts. approval Act any as management’s are to contain our that statements our statements now price. other any statements or not any such Such in law. could negatively and

Sunil Bhonsle

Thank you, Jennifer.

Executive be start our and an provide that update the Dr. our will Brian as the financial regulatory development Chairman, close will Crowley always who before and your And overview for Beebe will brief We product I with on Marc followed results. call with recap questions. activities will summarize call Rubin. an from a opening by Dr. Kate the will then

get let’s started. So, Marc?

Marc Rubin

you and good joining always. as much, thank all us you afternoon Sunil Thank and very for

thought then in our held Europe, today, call repeat the I best just especially weeks covered some XXXX activities, Recli for would the Federico we am to transaction we to fourth Probuphine you to quarter that the be the except lead recent Seghi give of board some independent the and of role those a first agreement say on for transaction acquiring As few Molteni going to of transformative truly of use a appointment Titan which director. Titan’s details ago was not time I color during quarter

the Molteni’s products innovative of pharmaceutical specialized commercializing partners Federico’s Probuphine a is in than experience of Molteni at XX role successful is its nongovernmental within preferred approval. most treatment that he operates and of launching both industry EMA CEO leadership at recent international help time. expansion potential options strong and and the as UNICEF, for support leadership, So, years of all Probuphine very Molteni’s well-qualified on a the the partner Federico pain countries team a And same of planned result Fund. and qualified network the organizations his company United IDA directly its more evaluate to and focused Federico Foundation beyond over and consider of was one commercial exceptionally us specialty pharmaceutical XX of Global and in the through led largely opportune for such commercialization a comes as of time addiction. pending while organizations, States, both the in Titan transformation number Federico’s joining today pharmaceutical as and and U.S. UNDP and into has the our to and

months Federico to Probuphine many have he with clear and Our that Molteni made have strong interactions or over Titan. XX and the the to so commitment last

convinced Titan have the well to products many also as be and benefit interactions he in personally his pharmaceutical that so Our Federico to expertise commercializing welcome as knowledge shareholders a board. going me relationships and heartfelt forward, joins its significant Titan industry of longstanding as to will

As that markets. indicated Probuphine opioid treatment to to the role release, Federico’s internationally. interactions be of be international will and the disorder the initial we both for on a us important strongly leads And option select opioid Braeburn here expertise to the and success and in progressing our to in potential control Probuphine product addiction play results regain of the market to an in end, in financial United combating with research use States where both segments, good on our has believe are and would in press position very tapping epidemic that are U.S. Probuphine

Beebe, in our who development our collaborative to activities, over including regulatory Europe. EMA approval And going for details and product so to efforts with secure with Molteni that, to Probuphine turn on call I provide additional is will Kate? Dr. the

Kate Beebe

update will a keep more Thank provided product activities and you, salient regulatory at Titan. development some I on this Marc focus of I Since hi, and everyone. a full one ago, month here and brief just the

on Probuphine. an So, update let’s start with

potential ProNeura to used across This diseases. Late develop proprietary product technology. and drug working our the on platform quarter, them team to provides the based we with and has centralized be the first have continuous accepted long-term products range of comprehensively Probuphine the is with Probuphine of a product know, familiarize you And year, convenient more As EMA diverse last the review. the the been closely to content our MAA. MAA with during Molteni for delivery

by within Now, addressing Right in the co-rapporteur while this in early that the the MAA purpose was by rapporteur acquired during the submit align year. we as European are their March, as property allowed fall in supporting dialogue questions questions, with we to part intellectual fully are so Molteni and the announced committed for final of the them transaction a raised the key all timeframe review. of health can accordingly and now, them on preparing authorities these responses we

a implant received from for patent containing allowance patent covering As notice of disorder a you with the and buprenorphine. use methods a use office opioid know, European treating subdermal claims Kate for

distribute late will years will I patent until on clinically ex-U.S. to the data patients disorder to pharmaceutical improve competitors as combination happy who the stabilized reference support. means Braeburn say of first milligrams to around the from Probuphine two in right use last with receive while Inc., Europe agency for late sub-license and has the that month data of also story. to of exclusive share and development the Therapeutics royalties for in Canada the program maintenance more generic am opportunities sales Canada following no subliminal of counseling Health this a Canada between treatment launch specialty Probuphine Titan we regulatory to a of Upon have psychosocial XXXX. the from Probuphine X opioid the this agreement entitled on Now, from leading be under XXXX date the protection Braeburn XXXX. to was In approval buprenorphine company, last the EMA, part of able Probuphine X XX are potential Probuphine than would and week into to that in year. of excellent provide This Probuphine not exclusivity Probuphine Probuphine in is Knight expected Canadian by approval. in May,

Addiction established X/X disease are First, the Miami, designed Parkinson’s to characterize pharmacokinetic frequently currently in oral evaluate US explore and stiffness, Florida. is we more or conference trial is now This to tolerability at May ropinirole Society Association, ropinirole an or ropinirole of patients from have June. to by oral Ropinirole months American dose ropinirole Clinical Monitoring dopamine implants cohort May data will Independent meeting XXXX, will a spasms longer ASCP leg deliver signals Psychopharmacology, Probuphine the our the The symposium of will initiated muscle European using their of to the muscle in tremors, Switching first control. be and at implant. October crisis in on then oral disease, gears ropinirole the the efficacy scales. annual syndrome. the second, to of plus including just ropinirole Board will for to of treatment be Poland. objectives Parkinson’s EUROPAD profile X assessment safety as primary disease or program. Krakow, the Opioid disease potential in available and Treatment on formulations data Phase HCL presented on implant target the of and treatment L-dopa Patients and be restless agonist of signs Parkinson’s reviewed also of daily the the part In a XX X of symptoms specific treatment. Safety switched And at symptoms approved stable months for and their poor will Data opioid for XX presented on early data Initial XXth for continuously

conducted for implant of for of candidates we X hypothyroidism, variety disease And for across feasibility Type have is know, our overdose, our some to the receptor such prevention of this technology. treatment primary the of and in for you As treatment chronic evaluate product as a as opioid Kappa other pilot experiments opioid chronic past malaria, diabetes for antagonists liraglutide of a collaborators indications prevention the a the pain. and scale agonist an using as relapse L-TX opioid well the

you our Titan’s and candidates treatment in Brian? when forward in call our long-term a which future long diseases drug ProNeura consistent of over updating of again progress. select will promise will ago, platform turn efficacy a believe we the the stage Brian. or on weeks and call benefits few for resources on chronic safety early mentioned I we look over the for these And to delivery great may we of continuous blood maintaining holds that offer As levels to periods We medication the product now, allow. pursue as time

Brian Crowley

Thank Kate. you,

the In all of the At this about yesterday. financial a time, approximate. Form to a $X.X been we I earned details note sale key period the with few of XXXX the release provided the European and have first As revenue numbers XX-Q rights to Revenues highlight and by for in to on of our in million available related rounded will the year results property was $XX,XXX ago. net I are Probuphine in sales earlier, items. and SEC period are a Please XXXX, yesterday our that mentioned the reported press the Braeburn. intellectual of $X.X quarter related of issued reflect give Molteni million $XX,XXX with am to royalties summary to in same therefore compared filed just recognition Probuphine

into share million were quarter, same first in net to or per operating quarter quarter applicable in million, XXXX, fund is the $X.X and quarter of $X.X of with first we the per primarily sufficient At $X.XX of expenses loss to in our had R&D or G&A $X.X shareholders the XXXX. equivalents total XX, loss the we Net cash million $X.XX XXXX. the March of cash $X.X from expenses unchanged XXXX. quarter which share common operations XXXX believe and For of in compared third was planned same million consisting

period. our that We exploring to financing are fund several currently alternatives operations beyond

there be be assurance efforts successful. no that those will can However,

Now, call back will the I Sunil. pass to

address presentation. questions, If happy will Sunil? during end them the you have any the the be of we to at Q&A

Sunil Bhonsle

its new we excited a Probuphine our priority. patients place, from Marc in partners uptake. ideal remains to treatments end, addiction To partner bringing and we success top that clinicians you. grow to we to for right heard with global potential strategic and Titan to confident And the that strong and whose full and move it with for as partnership an Molteni, track you strategies as that remain are work can have increase in makes opioid Kate, forward Probuphine’s record of Thank

Frederico our earlier, week Molteni Mark As earlier this commitment board for that the Probuphine mentioned the highlights fact joined he strong and that Titan. have and

rights with of Probuphine. early Braeburn to U.S. completing also our to details, discussions but are can commercialization any for forward I We the looking tell provide return It to is too specific in direct conducting participation Titan’s disorder. segments, opioid you preliminary of preparation been maybe activities, where the we used have use market for in Probuphine treatment research in commercial for that potential select

reinforces our revenues has the to and States United as belief the specialty internationally. product Our benefit review a potential patients and Probuphine generate that both in meaningful

pursue of the achievements select As remain Kate remarks for remain clinical our to resources programs today. for This adding for value prospect stockholders our and mentioned, priorities concludes to Probuphine we products. on We of prepared and other ProNeura-based based based intend we committed the very treatment chronic enthusiastic about platform and the diseases. ProNeura on both development our with our

from Austin, dedication. questions board, call are I management to Before hard open the call thank participants. and to Titan’s the ready executive for I’d continued take their and like staff work we to questions,

Operator

our first ahead. will come Instructions] Thank you, Capital. Henry sir. Please question go from [Operator ROTH Scott And with

Scott Henry

and good you afternoon. Thank

of Just a questions. couple

talk that rate could and structure or the same of Canadian royalty you how there? about size Probuphine the U.S. think as First, the for about market the should royalty the we is

Sunil Bhonsle

Scott. Hi, Sure.

a be than XX% obviously In of to Canada the it terms the of U.S. the less market being small the about of of population only it and certainly market, is size much smaller. tends

much in approved what the so year I a overall, the million total that Canada, than recognized were Canada and had written at in sales under over but and I how buprenorphine was buprenorphine $XX U.S. this later Now know ago, market don’t point, in seen progressing that maybe but is from

So, it mature a treatment chance necessarily hasn’t as either. had to a

our would U.S. the be our agreement upon so currently the of based Canada, what from terms Braeburn with applied in royalty sales. both essentially in sales So royalties and in essentially to is is sales Canada, structure U.S.

Scott Henry

you trial that? release for great. when or data on that investors, the press should on some we expect ropinirole And will we the get proof-of-concept when then Okay, pipeline, should when color

Kate Beebe

is Kate. This Scott. Hey,

in an mentioned, be meeting. Monitoring having, in talk will data Board able as be to June We late mid early to we that Safety June and I Independent following the Data will about

Scott Henry

Okay, just on I what finally should the looking talk could questions first, And well, about then how Probuphine to regards to hear with – are about getting then year? waiting guess Braeburn should the and with how couple back to great. rate the – of to spending there you spending still, And a we regard as what’s from throughout be focus for? right next or we event we think

Sunil Bhonsle

terms our mostly Sure. very using Scott, in in of been see approvals the careful can associated as limiting things Europe. to things spending, we Probuphine in resources, have use you with

we very And that focused pattern. much so on are currently, continuing

typical $X rates in so with being the you $X rates stage. expenses continue clinical to in the without major and burn year have And a seen to at would range million expect our as past, million of burn of this the any kind that’s I

key have of a any have the or is I most we go programs addressing with lot of you to information events right that funds in absorb And are the are terms like things, to agreements been trying issues now. that We the are are can careful there can when we we forward. look, Braeburn going we making rearrange dealing to with as and that key that there value that we know in obviously, the sure devote very provide through

are want as really to as certainly and soon we pushing So, we get that. done can this we towards

keep you alright. will we So, updated,

Scott Henry

Thank for taking great. the Okay, you questions.

Sunil Bhonsle

Scott. Sure. Thanks,

Operator

with ahead. next John Small Your Please from comes Capital Research. Zacks question Vandermosten go

Sunil Bhonsle

John. Hi,

John Vandermosten

this the after a an the what look back I to suppose look afternoon. do of and likelihood moving to of I for partner, obtain has that another upfront you does that and flux then payment situation forward? point wanted in like is you rights Braeburn expect with be about Hi, going deal been good at and forward you ask – part

Sunil Bhonsle

want overall John, very of to is one. Probuphine, lot rights and I for focusing we this commercializing detail the a mean, to on are that certainly product best We now that back do share quickly. trying can to kind questions. really not the in There we and right being step certain much getting provide opportunity good make that first can of I

way that’s you to explored the the okay. so so is We we segments know we would at we what have focused are re-launch and right getting best speak also on. to what attention the How that keep best have we let in of be progressing markets accomplish will product as the And what we and on. can looking

John Vandermosten

an mean, is would type to where royalty new expect we there then I that, there we there normally is I who be something any what Okay. is deal is expect think we any be, can see? out any there mean, payments upfront, wouldn’t that wouldn’t of and to milestones, reason it for reason there – see their what

Sunil Bhonsle

partnering I look but the as participate to that for at we potential think as to be that certainly us possibility we well in would there opportunity as a well. are right way and have looking at directly maybe indicated, it,

potential that So, very of both these approaches be meaningful. are strong can

And at so looking are both. we

John Vandermosten

Okay. resolved confusion with they I end point is might up Canada, how from And much and make view with that there after on am that in happen will they if the Knight Braeburn? about any doing up going thinking what product will forward uncertain it’s for investment asking of all it’s what

Sunil Bhonsle

addressing with they our John, regulatory I the people been in product. be my certain about what the and enthusiastic interacted questions tell seem you our Knight during discussions I mean people. And have with review process, have can very clearly to in involved

enthusiastic that believe from we they we have be As further is to and product will will Knight, essentially rights complete will with less with Braeburn, commercialize no the Canada. the product dialogue they it there out supplied are in have U.S. and to details about the the work any reason but

John Vandermosten

Okay. there you that was could better last made just had be that or And like were those terms in how of thing could any share observations along if things that things us with or Federico changes lines?

Sunil Bhonsle

had Marc, very methadone shares but worked to markets how just services lot add certainly, success capture some are besides you at that that? And mostly looking market a with driven can and the they other mean, by are different approaches, something and it. country, has they experience. of the a additional and providing to from of country Molteni have of gives the on, experience that of I so have uniqueness European where specialized them which centers by to product anything else with lot

Marc Rubin

Sunil, No, mean, Federico area it. broad and the tremendous of I of has I in that has think the captures Europe and addiction just specific in grasp knowledge a tremendous knowledge U.S. things in

I potentially played he that. how, a in marketplace, when so focus the in U.S. think tremendous could look we role us at others or look has helping And at we

details, into So tremendous been I stop think going there I he has but will a without asset.

Sunil Bhonsle

Thanks, Great. Marc.

John Vandermosten

Thank you.

Sunil Bhonsle

Thanks John.

Operator

over remarks. I this like Bhonsle our conclude session. question-and-answer for Sunil And the turn any would to will to closing conference back

Sunil Bhonsle

and participating for you, everyone this Austin thank in call. you Thank

we as updated to continue your we move will keep we you As a ongoing always, support day. and appreciate truly forward. great Have

Operator

conference concluded. has presentation. now today’s The attending for you Thank

disconnect. You now may

Titan Pharmaceuticals (TTNP) 16 May 182018 Q1 Earnings call transcript