Titan Pharmaceuticals Inc (TTNP)

[Doctor Detroit]

So, after a little reflection, it doesn't make sense to say "the company believes they will have a partner in place by early next year" unless:

1. There is a single, worldwide partner; and
2. Some event needs to occur by early next year before the partner will agree to license terms.

On #2, I think its the result of the EMA meeting. The EMA is disregarding its own procedure in allowing a uniform, all-EU application for probuphine, which is totally unanticipated and, in my opinion, huge. By 2018, probuphine could be sold in all EU member countries, including the large users of buprenorphine (France, UK, Germany). I assume after the 4Q meeting with the EMA, Titan expects to get confirmation of its approval pathway early next year, at which point in time they will license EU and Australia rights to the partner (and be able to command a very healthy upfront license payment).