The National Institutes of Health’s National Institute on Drug Abuse (NIDA) approved $6.1-million in second-year funding for Titan Pharmaceuticals‘ (NASDAQ:TTNP) development of a nalmefene implant.
Titan is using its ProNeura technology to develop a six-month implantable formulation of nalmefene, an opioid antagonist intended for use following opioid detoxification, for the prevention of relapse.
“We believe our ProNeura technology is well-suited to this approach to treating opioid addiction, so we are grateful for NIDA’s ongoing support,” Sunil Bhonsle, Titan’s president and CEO, said in a statement.
NIDA awarded Titan a two-year grant in the amount of $6.7-million in September 2018 for the project, with Titan receiving $2.7-million in the first year. As a result of a change in the grant award terms regarding company matching funds, the second-year award covers both the Federal and company match amounts of the original year two award, thereby increasing the aggregate potential expense reimbursement to approximately $8.7-million.
“As we continue to execute on the program’s development milestones, we are encouraged by the potential for additional NIDA grant funding for clinical development activities beyond the current grant’s end date of September 2020,” he added.