Titan Pharmaceuticals Inc (TTNP)

[Doctor Detroit]

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Some interesting #'s on the EU...

The market in Europe is somewhat different than in the United States and in many cases methadone is used more frequently than buprenorphine for addiction treatment as the standard of care. We see total annual prescriptions at about one-third of the volume in Europe as in the US. Pricing will also be lower outside the United States. We estimated the differential based on the prices of seven1 drugs in the US and Europe and determined that a 45% adjustment is appropriate.2 Based on these assumptions we anticipate the peak revenue potential ex-US to be
about 15% of the $2 billion in U.S. sales. We will also use any additional details provided by management and a potential partner to adjust these levels and will add an appropriate valuation when and if an announcement is made.