SOUTH SAN FRANCISCO--(Business Wire)--
Titan Pharmaceuticals, Inc. (Pink Sheets: TTNP) today announced that Vanda
Pharmaceuticals, Inc. (NASDAQ: VNDA) has received U.S. Food and Drug
Administration (FDA) approval to market Fanapt (iloperidone), an atypical
antipsychotic, for the acute treatment of adult patients with schizophrenia, a
chronic debilitating disorder which affects more than two million Americans, and
millions more worldwide. Global sales from the class of atypical antipsychotics
exceeded U.S. $20 billion in 2007.
Vanda plans to make Fanapt available in pharmacies later this year. Titan is
entitled to receive royalties on global net sales of Fanapt equal to 8% on
annual net sales up to $200 million, and 10% on annual net sales above $200
million. Titan incurs no ongoing expenses associated with this potential future
income.
"We congratulate the management and employees of Vanda on their dedication and
perseverance in obtaining FDA approval of Fanapt. This is an important milestone
for both Titan and Vanda," said Sunil Bhonsle, President of Titan. "This
medicine will provide an important option to the patients suffering with this
debilitating disease."
About Titan Pharmaceuticals
For information concerning Titan Pharmaceuticals, Inc., please visit the
Company's website at www.titanpharm.com.
The press release may contain "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such statements include, but are not limited to, any
statements relating to the Company's development program and any other
statements that are not historical facts. Such statements involve risks and
uncertainties, including, but not limited to, those risks and uncertainties
relating to difficulties or delays in development, testing, regulatory approval,
production and marketing of the Company's drug candidates, adverse side effects
or inadequate therapeutic efficacy of the Company's drug candidates that could
slow or prevent product development or commercialization, the uncertainty of
patent protection for the Company's intellectual property or trade secrets, and
the Company's ability to obtain additional financing. Such statements are based
on management's current expectations, but actual results may differ materially
due to various factors, including those risks and uncertainties mentioned or
referred to in this press release.
Titan Pharmaceuticals, Inc.
Sunil Bhonsle, 650-244-4990
President
Copyright Business Wire 2009
