Titan Pharmaceuticals (OTC: TTNP) has taken another step forward in its quest to develop treatment options for opioid dependence using the substance Probuphine. The company has just entered a Stock Purchase and Option Agreement with an affiliate company that is a potential licensee of the commercialization rights of Probuphine. The $4.25 million Stock Purchase and Option Agreement announcement has bumped up the share price of this high-volume penny stock.
About Titan Pharmaceuticals
Titan Pharmaceuticals is a US-based biopharmaceutical company that is involved in the development of many proprietary therapy and treatment options for disorders of the central nervous system. It is currently based in San Francisco, California, and was founded in 1992.
The company has conducted years of research with buprenorphine and its principle asset is Probuphine, a slow-release implant and a formulation of buprenorphine. The unique selling point of this drug is that it claims to provide six months of stable release after just one treatment. The company is best known for its proprietary delivery of drug technology known as ProNeura. Probuphine will use the same technology and many other products are being developed that will use this technology to treat chronic diseases such as Parkinson’s.
Owing to a positive 2nd quarter financial result and this new Stock Purchase and Option Agreement, the share price of Titan Pharmaceuticals have received a substantial bump in the last trading session. This high volume stock has not broken through the $1.00 barrier for a while now, but it is closer to doing that than it has been in quite some time. As of September 14, 2012, Titan Pharmaceutical’s share price reached a high of $0.924, which was a whopping 28.3% higher than the closing share price of the previous trading session.
As per its agreement with the affiliate company, Titan Pharmaceuticals has sold 3.4 million common shares at the rate of $1.25 per share. Another part of the Stock Purchase and Option Agreement ensures that Titan will receive an exclusive option period in order to execute the agreement. The financial influx has come in at the right time for Titan Pharmaceuticals because it is all set to launch the Probuphine program via the New Drug Application (NDA) submission. It will also help the research and development plans that the company has for the year 2013.
Other Penny Stocks
There are plenty of other penny stocks that are being traded in high volumes along with Titan Pharmaceuticals. Fuse Science (OTC: DROP) is one of the flourishing penny stocks being actively traded in the OTC market. This company deals in the creation of innovative consumer products used to change the way people receive nutrients and energy. Its stock prices have received a bump owing to the press release that announced the addition of Jose Bautista (All Star outfielder for the Toronto Blue Jays) to the “Powered by Fuse” Team.
Treaty Energy Corporation (OTC: TECO), which is an international energy company, is faring well in the OTC market after announcing acquisition of four new oil and gas leases in Texas. Well, unlike California and Illinois, Texas is the state to be in right now, and it seems to be content on remaining a leader in business development. Smart move, Treaty Energy.