Titan Pharmaceuticals Inc (TTNP)

[TRUISM]

TITAN ANNOUNCES AMENDMENT TO AGREEMENT WITH MOLTENI
August 03, 2018
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SOUTH SAN FRANCISCO, Calif., Aug. 3, 2018 /PRNewswire/ -- Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) announced today that it has entered into an amendment (the "Amendment") of the previously announced definitive asset purchase, supply and support agreement (the "Purchase Agreement") with L. Molteni & C. dei F.lli Alitti Società di Esercizio S.p.A. through which Molteni acquired the European intellectual property related to Probuphine®.



Under the Amendment, Molteni will make an immediate payment to Titan of €950,000 (approx. $1.1 million), and has committed to make a convertible loan to Titan of €550,000 (approx. $0.6 million) in mid-September subject to Titan's submission, in accordance with the Amendment, of a response to questions posed by the European Medicines Agency (EMA), in exchange for the elimination of an aggregate of €2.0 million (approx. $2.3 million) of regulatory milestones provided for in the Purchase Agreement, which would be payable potentially in 2019 at the earliest.

The loan, if made (the "Convertible Loan"), will convert automatically into shares of Titan common stock upon the issuance by the EMA of marketing approval for Probuphine at a conversion price per share equal to the lower of (i) the closing price on the loan funding date and (ii) the closing price on the conversion date. In the event the EMA has not granted marketing approval by December 31, 2019, the Convertible Loan will become due and payable, together with accrued interest at the rate of one-month LIBOR (to the extent in excess of 1.10%) plus 9.50% per annum. All other terms and conditions of the Purchase Agreement remain the same.

"We are very pleased with this transaction and welcome the strong commitment that Molteni continues to have to Probuphine and Titan," said Titan President and CEO Sunil Bhonsle. "It provides us with short-term non-dilutive capital while we continue working with Molteni to position Probuphine for commercial success both in the United States and in select international markets."



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