Titan Pharmaceuticals Inc (TTNP)

[Doctor Detroit]

The most important thing it tells us is that Braeburn isn't interested in acquiring Titan right now, or at least not at a price that Titan would agree to.

If they aren't going to acquire Titan, then it makes sense for them to liquidate. Their purchase of shares was more of "bridge financing" than an investment. The purpose was to assure Titan would avoid bankruptcy while waiting for the Phase III to finish and for the FDA to make its decision.

The purpose has been accomplished, and so it makes sense for them to liquidate. I don't see it as any backing off on the commitment to probuphine.