Titan Pharmaceuticals Inc (TTNP)

[Doctor Detroit]

I think Sheldon (Braeburn's old CEO) believed in probuphine; she did a lot at promoting it. Unfortunately, she just wasn't prepared for the launch, and thought training doctors=sales, which wasn't the case. Also, they weren't prepared for the resistance from insurers.

Mistakes happen (at least to me), and they could have corrected a lot of things. But when Apple Tree pulled the Braeburn IPO, I think the decision with Apple Tree was to gut probuphine. So Sheldon got fired, and Derkacz comes in only talking about CAM2038. They fire half the sales force in July of 2017, and then don't begin to even start interviews to replace them until December (in preparation for the injectables launch).

Titan clearly did not know what the heck was going on. They seemed as if they were afraid to ask. It kinda sounds like Braeburn was just ignoring them.

Hate to keep saying it, but a Chapter 11 BK would allow Titan to force a termination of the license agreement, but preserve Titan's right to sue for past breaches of the license agreement. A lot of companies emerge from BK stronger, without screwing over stockholders. I remember American Airlines going from $1 to $7 within six months of their BK.