Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) Files An 8-K Other Events
Item 8.01. Other Events
On September 18, 2019, Titan Pharmaceuticals, Inc. (the “Company”) announced that the National Institutes of Health’s National Institute on Drug Abuse (NIDA) has approved approximately $6.1 million in second-year funding for the Company’s non-clinical development of a ProNeura™ based six-month implantable formulation of Nalmefene, an opioid antagonist, intended for the prevention of relapse to opioid addiction following opioid detoxification. NIDA awarded the Company a two-year grant in the amount of $6.7 million in September 2018 for the project, subject to satisfactory project progress, fund availability and certain other conditions. The award for the first year, which ended August 31, 2019, was approximately $2.7 million. As a result of a change in the grant award terms regarding company matching funds, the second-year award covers both the federal and company match amounts of the original year two award, thereby increasing the aggregate potential expense reimbursement to approximately $8.7 million.
A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
The following exhibit is filed herewith: