Titan leads the market with the highest volume after the company enters into an agreement with JT Pharma to develop JT-09 Implant.
Titan Pharmaceuticals, Inc. (TTNP), a commercial-stage firm developing proprietary therapeutics with its ProNeura® long-term, continuous drug delivery technology, today announced that it has entered into a definitive asset purchase agreement with JT Pharmaceuticals, Inc.
The company will be acquiring JT Pharma’s kappa opioid agonist peptide, JT-09. Titan plans to develop JT-09 in combination with its ProNeura® long-term technology and use it as a therapy for chronic pruritus.
The announcement came early morning on Wednesday with the stock price skyrocketing after this news. TTNP move higher in the premarket opening the trading session at $0.16 compared to the previous close of $0.12.
The stock traded as high as $0.24 soon after the trading session opened. As we write this at 10:42 A.M, TTNP was trading at $0.20 soaring by 61.23%. Titan remains the highest traded stock in the market with a trading volume of 153 million.
The investors seem to be driven by the acquisition deal with JT Pharma. This deal brings a potential opportunity for Titan Pharmaceuticals to grow with the following project of JT-09. Acquiring a major part of a peptide drug development company that aims to create new drugs for acute, medically underserved, indications will help the company to develop a solution for moderate to severe chronic pruritus.
Chronic pruritus is a debilitating condition that specifies the itching of the skin lasting longer than six weeks period.
The President and Chief Operating Officer of Titan, Dr. Kate DeVarney commented that the ongoing treatments against chronic pruritus are relatively ineffective and have undesirable side-effects.
Talking about the potential use and future development of JT-09, DeVarney said:
“Our early non-clinical data suggest that subcutaneous implantation of JT-09 ProNeura implants could potentially deliver therapeutic concentrations of JT-09 for six months or longer, and we are looking forward to conducting additional preclinical studies to establish proof-of-concept with data available in the first half of 2021.”
According to the Agreement terms, Titan is subjected to pay JT Pharma future milestone payments depending upon the achievement of regulatory milestones including potential commercial regulatory approval and single-digit percentage earn-out payments on the total sales of the product.
The closing of the agreement depends on the customary closing conditions and the completion of $8 million in financing by Titan Pharmaceuticals, Inc. (TTNP).