Titan Pharmaceuticals (NASDAQ:TTNP) settled all of its debt obligations with Molteni & C. dei F.lli Alitti Società di Esercizio and Horizon Credit, as well as the acquisition of JT Pharmaceuticals’ JT-09.
Completion of the deals were subject to the company’s closing of an $8.0-million public offering, which occurred on Oct. 30.
“As a result of the debt settlement with Molteni and Horizon, there are no liens remaining on any of Titan’s assets, including all the ProNeura intellectual property,” Dr. Marc Rubin, Titan’s executive chairman, said in a statement.
“With the net proceeds from our recent public offering, a significant reduction in operating expenses, and full ability to capitalize on our IP, we are well positioned to progress preclinical development of our ProNeura-based product candidate pipeline, including establishing proof-of-concept with JT-09 in the first half of 2021,” he added.
Titan acquired JT-09, a kappa opioid agonist peptide for use in combination with Titan’s ProNeura long-term, continuous drug delivery technology, for the treatment of chronic pruritus.
