UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

______________

 

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): May 26, 2016

 

Titan Pharmaceuticals, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware

001-13341

94-3171940

(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

 

 

400 Oyster Point Blvd., Suite 505, South San Francisco, CA

94080

(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s telephone number, including area code: 650-244-4990 

 

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 

Item 8.01. Other Events.

 

On May 26, 2016, Titan Pharmaceuticals, Inc. (the “Company”) announced that the U.S. Food and Drug Administration has approved Probuphine® (buprenorphine) implant, the first product for the long-term maintenance treatment of opioid dependence in clinically stable patients on 8 mg or less a day of oral buprenorphine. The Probuphine subdermal implant, which utilizes the Company’s proprietary ProNeura™ technology, delivers buprenorphine continuously for up to six months. The product is expected to be commercially available this summer.

 

In connection with the FDA approval, the Company will receive a $15 million milestone payment from its commercialization partner, Braeburn Pharmaceuticals, double-digit tiered royalties on product sales, and is eligible for sales milestones of up to $165 million

 

A copy of the press release issued by the Company is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(d)         Exhibits

 

Exhibit No. Description
99.1 Press Release, dated May 26, 2016.

 

 

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 

Dated:  May 31, 2016 TITAN PHARMACEUTICALS, INC.
   
   
  By:  /s/ Sunil Bhonsle
    Name: Sunil Bhonsle
    Title:   President and Chief Executive Officer

 

 

 

 

 

 

Exhibit Index

 

Exhibit No. Description
99.1 Press Release, dated May 26, 2016.