Titan Pharmaceuticals Inc. (NASDAQ:TTNP) Q3 2018 Earnings Conference Call - Final Transcript

Nov 14, 2018 • 04:15 pm ET


Titan Pharmaceuticals Inc. (NASDAQ:TTNP) Q3 2018 Earnings Conference Call - Final Transcript


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Thank you for holding, and welcome to the Titan Pharmaceuticals Third Quarter 2018 Financial Results Conference Call. At this time, all participants are in a listen-only mode. There will be a question-and-answer session following today's remarks.

Please be advised that this call is being taped at the Company's request and will be archived on the company's website starting later today.

At this time, I would like to turn the call over to Sunil Bhonsle, President and CEO of Titan Pharmaceuticals. Please go ahead.

Sunil Bhonsle

Thank you, Shawn, and thank you all for joining us. Welcome to the Titan Pharmaceuticals call to review financial and operational results for the third quarter ended September 30, 2018, and to provide an update on our business. But before we begin, I wanted to inform you that we filed our quarterly report on Form 10-Q with the SEC today. And the press release also issued this afternoon provides a summary of the results and can be found on our website at titanpharm.com.

Joining me on the call today from Titan are Dr. Marc Rubin, our Executive Chairman; Dr. Kate Devarney, our EVP and Chief Scientific Officer; Dane Hallberg, our recently appointed EVP and Chief Commercial Officer; and Brian Crowley, our VP of Finance.

But before we go into the details of the financial results and provide an update on the Company, Jennifer Kiernan will review the required cautions regarding forward-looking statements. Jennifer?

Jennifer Kiernan

Thank you, Sunil.

(Forward-Looking Cautionary Statements)

And now back to you, Sunil.

Sunil Bhonsle

Thank you, Jennifer.

Today, we will start the call with an overview from our Executive Chairman, Dr. Rubin, who will also introduce our Chief Commercial Officer, Dane Hallberg. Dane will discuss the progress on our Probuphine commercialization plans and then Dr. Kate Devarney will provide an update on our Probuphine medical affairs and REMS programs, regulatory activities and other product development activities. Brian Crowley will then summarize the financial results. And I will close with a brief recap before opening the call for your questions.

So let's get started. Marc?

Marc Rubin

Thank you very much, Sunil. And hello, and welcome to all of you.

The third quarter of 2018 was marked by a number of notable achievements related to our lead program, Probuphine, and also to our ProNeura platform technology with opportunities there to expand its application.

So let me begin by mentioning a few of the highlights. First, early in September, we initiated a pilot program with the Nevada Center of Behavioral Health that is designed to evaluate medication-assisted treatment or MAT programs using Probuphine to treat opioid use disorder or OUD patients, who are within the state of Nevada criminal justice system. Then later in September, we were very pleased to announce that we were awarded a two-year $6.7 million grant from the National Institute on Drug Abuse or NIDA.

We also strengthened our balance sheet by closing an underwritten public offering, which together with the subsequent exercises of the overallotment option and warrants sold in the offering, provided us with net