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.