Titan Pharmaceuticals Inc (OTC:TTNP) Targets a Market with $500 Potential in Sales

Las Vegas, NV -- (SBWIRE) -- 02/05/2013 -- Titan Pharmaceuticals, Inc. (OTC:TTNP) emphasizes on development of Probuphine and also holds patent rights for its drug. The company further licensed its rights to Braeburn Pharma and received proceeds of $15.75 million as an advance for its Probuphine. Titan is also eligible for additional $50 million if the FDA approves its Probuphine drug.

Braeburn Pharma is also bound to pay $75 million to Titan Pharmaceuticals if they commercially launch their product.

The company seems to have gathered enough funds which enable them to present its drug before the FDA advisory panel. According to one calculation market for Probuphine in United States stood at $1.3 billion in 2011 and it is anticipated that on launch sales would reach the benchmark of $300 to $500 million per year.

The share price gained 9.25 percent in its last trading session to close at $2.48. Its traded volume stood at 887,964 shares as compared to its average volume of 494,470 shares per day.

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