Titan Pharmaceuticals Enters into $15 Million Royalty Sale Agreement With Deerfield Management
by RealPTC Expert
Titan Pharmaceuticals, Inc. today announced that it has entered into an agreement with Deerfield Management Company, L.P. and certain investment funds managed by it (Deerfield) to sell a substantial portion of the Company's remaining future royalties on the sales of Fanapt® (iloperidone), an atypical antipsychotic approved in the U.S. for the treatment of schizophrenia in adult patients and marketed by Novartis Pharma, AG to Deerfield in exchange for $5 million in cash, a $10 million reduction in Titan's outstanding debt to Deerfield and a revised repayment schedule that delays initial payment of principal by one year to April 2013. The proceeds of this transaction will be used to support the ongoing late-stage development of Probuphine™ for the treatment of opioid dependence, the preparation of the New Drug Application (NDA) for Probuphine and for general corporate purposes. Funding is expected to occur on or about November 30, 2011.
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