Titan Pharmaceuticals Inc (TTNP)

[Doctor Detroit]

Legal Plumbing II

Braeburn is required under the License Agreement to use "Commercially Reasonable Efforts” to promote probuphine. In particular, "with respect to (a) Braeburn, that degree of skill, effort, expertise, and resources normally used (including the promptness in which such efforts and resources would be applied) consistent with standards generally accepted in the pharmaceutical industry, including with respect to the diligent development, manufacture and commercialization of pharmaceutical products of similar market and profit potential at a similar stage in development or product life as the Product; provided, however, that in determining the level of efforts and resources to be employed, Braeburn shall not be permitted to take into account any Second Product being developed or commercialized by Braeburn or any of its Affiliates”

Braeburn reduced their sales force by a third in July, and have performed sluggishly. It's clear they are waiting until injectables arrive to really start up their sales machine, which they are clearly not allowed to do under the license agreement.