Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
On August 3, 2018, Titan Pharmaceuticals, Inc. (the “Company” or “Titan”) entered into an amendment (the “Amendment”) to the Asset Purchase, Supply and Support Agreement dated March 21, 2018 (the “Purchase Agreement”) between the Company and L. Molteni & C. Dei Frattelli Alitti Società Di Esercizio S.P.A. (“Molteni”). Under the Amendment, Molteni is required to make an immediate payment to Titan of €950,000 (approximately $1,109,000) and has committed to make a convertible loan to Titan of €550,000 (approximately $642,000) provided the Company has submitted its response to the 120-day letter from the European Medicines Agency (“EMA”) on or prior to September 14, 2018 in accordance with the Amendment, both in exchange for the elimination of an aggregate of €2.0 million (approximately $2,335,000) of regulatory milestones provided for in the Purchase Agreement that are potentially payable in 2019, at the earliest. The loan (the “Convertible Loan”), if made, will convert automatically into shares of Titan common stock upon the issuance by the EMA of marketing approval for Probuphine at a conversion price per share equal to the lower of (i) the closing price on the loan funding date and (ii) the closing price on the conversion date. In the event the EMA has not granted marketing approval by December 31, 2019, the Convertible Loan will become due and payable, together with accrued interest at the rate of one-month LIBOR (to the extent in excess of 1.10%) plus 9.50% per annum. The Convertible Loan willl contain other covenants and events of default substantially consistent with Titan’s existing Amended and Restated Venture Loan and Security Agreement, dated as of March 21, 2018.
The foregoing summary description of the Amendment is qualified in its entirety by reference to the full text of such document and the press release issued in connection therewith attached hereto as Exhibits 10.1and 99.1, respectively, which are incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
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± Confidential treatment has been requested with respect to portions of this exhibit.
TITAN PHARMACEUTICALS INC ExhibitEX-10.1 2 tv500139_ex10-1.htm EXHIBIT 10..1 Exhibit 10.1 CONFIDENTIAL TREATMENT REQUESTED. INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED IS OMITTED AND MARKED WITH “[*******]” OR OTHERWISE CLEARLY INDICATED. AN UNREDACTED VERSION OF THIS DOCUMENT HAS ALSO BEEN PROVIDED TO THE SECURITIES AND EXCHANGE COMMISSION. EXECUTION COPY AMENDMENT TO ASSET PURCHASE,…To view the full exhibit click here
About Titan Pharmaceuticals, Inc. (NASDAQ:TTNP)
Titan Pharmaceuticals, Inc. (Titan) is a specialty pharmaceutical company. The Company is engaged in developing therapeutics for the treatment of medical disorders. The Company’s segment is engaged in the development of pharmaceutical products. The Company’s product development programs utilize its long-term drug delivery platform, ProNeura. The Company’s drug candidate, Probuphine, is being developed for the long-term maintenance treatment of opioid dependence. Titan’s ProNeura continuous drug delivery system consists of a small, solid rod made from a mixture of ethylene-vinyl acetate (EVA) and a drug substance. The Company focuses on developing two product development programs, the first one with a ropinirole implant for the treatment of Parkinson’s disease (PD) and the second one with a Triiodothyronine (T3) implant for the treatment of hypothyroidism.
