Titan Pharmaceuticals Inc (TTNP)

[Doctor Detroit]

Congratulations, you timed this well. I really thought probuphine would be adopted much more quickly, but...live and learn. From this bagholder's perspective....

I hear you on uncertainty regarding dilution, but with the recent loan facility, Titan is funded through 2018. That will get them through the Phase 1/2 for ropinirole (probably done 1H 2018), at which point I would guess they will partner out for Phase III, hopefully with some sort of up front payment.

Malaria was a nice surprise. The government is funding the whole thing, and so it should not have any affect on dilution.

T3 will be interesting. They have a pre-IND meeting this quarter with the FDA, and so we should know something more by the end of the year. By far the biggest market, with a big potential (15% of a 12 million person market (representing those who cannot convert T4 to T3). If T3 can be used as a monotherapy, the market goes to 12 million. Oral formulations require T4 to convert to T3, and so I'm hopeful there will be some benefits to the implant we haven't heard about yet. I know someone taking T3 and it involves multiple dosing per day, with fatigue setting in as the drug moves out of the therapeutic window.