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Thursday, February 01, 2018 2:57:25 PM
Titan management has not yet had a chance to fully discuss all of the details of Probuphine’s current commercialization status with Braeburn nor have they developed a plan yet regarding the path forward following a transfer of the license for the drug. We anticipate that Titan will vigorously negotiate to have the licenses retuned as soon as possible and simultaneously seek a partner with experience in opioid based pharmaceuticals, product reimbursement and the complexities of the addiction medicine commercialization process. The primary issue that must be addressed is the reimbursement structure for the implant. The process to begin Probuphine treatment requires the patient and provider to surmount many hurdles including prior authorization, upfront outlay for the implants and delays in reimbursement from payors. We expect the partner will be selected based on its ability to address this.
We believe that it will take one or two quarters to work through the transition and find a new partner. It is likely that Titan will be able to obtain an upfront payment from another partner if the rights are returned; however, it will likely fall below the $15 million milestone that was provided by Braeburn. Additionally, we do not know the extent of any costs or payments to Braeburn for Titan to regain the licenses. With Titan’s limited cash levels, and apparent violation of the contract provisions it will be difficult for Braeburn to make demands.
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