National Institute on Drug Abuse (NIDA) of National Institutes of Health has awarded a grant of $6.7 million to Titan Pharmaceuticals, Inc (NASDAQ:TTNP) to develop an opioid antagonist – a 6-month implantable Nalmefene formulation, which is based on PreNeura. The new formulation will be used for the prevention of the relapse to the addiction to opioid after opioid detoxification. The research grant is valid for a period of 2 years. The company will use the $2 million of this grant for the project from now onwards and up to August 31, 2019. The balance funds will be used in the subsequent years to complete the project successfully.
Dr. Kate DeVarney, the Principal Investigator and Chief Scientific Officer of the project, said the company has received a grant previously from NIDA for the development of Probuphine, a Phase III trial of the approved product. The company expressed gratefulness for this additional confidence in ProNeura technology to NIDA and its ability to continue another project to cure opioid addiction.
Titan Pharmaceuticals, Inc Announces Appointment of CCO and Executive Vice President
Titan Pharmaceuticals, Inc has appointed Dane D. Hallberg as the Chief Finance Officer and Executive Vice President to strengthen the executive leadership. He will handle the commercial activities of the company.
Sunil Bhonsle, Chief Executive Officer and President of Titan Pharmaceuticals, Inc., said Dane contribute his vast experience in marketing and sales in maximizing the commercial opportunities as the company unveils Probuphine. Previously, he was a member of the team that was responsible for introducing Implanon subdermal implant contraceptive of Merck & Co., Inc. (NYSE:MRK). The company is thrilled to welcome Hallberg to the newly created position.
Titan Pharmaceuticals, Inc Collaborates with Nevada Center for Behavioral Health for a Pilot Program
Titan Pharmaceuticals, Inc has announced a collaborative accord with Nevada Center for Behavioral Health (NCBH) to start a pilot project aimed at evaluating the MAT program (medication assisted treatment) using Probuphine implant. The project is aimed to evaluate the MAT on the patients suffering from opioid use disorder in the State of Nevada criminal justice system. As part of the program, the company has trained and certified seven healthcare providers about the Probuphine REMS (Risk Evaluation and Mitigation Strategy) in the Nevada criminal justice system.