Titan Pharma, Braeburn terminate Probuphine license agreement
Titan Pharmaceuticals (NASDAQ:TTNP) and Braeburn agreed to terminate a December 2012 license agreement, which granted Braeburn exclusive rights to commercialize Probuphine in the U.S. and Canada.
Under the termination accord, Titan will regain all rights to the commercialization and clinical development of Probuphine in the U.S. and Canada. Braeburn has paid Titan $1-million and will provide assistance to Titan through the end of 2018 to enable a smooth transition and ensure that patients and their doctors will continue to have support and access to the treatment. All regulatory documentation and development data related to Probuphine will be transferred to Titan immediately.
"We believe that Probuphine is an important product in the face of a growing opioid addiction epidemic and we will continue to explore options with the potential to improve uptake of the product in the U.S., as well as expand global access through partnerships in Europe and other territories with Molteni & C. dei F.lli Alitti Società di Esercizio and Knight Therapeutics in Canada,” Titan’s president and CEO, Sunil Bhonsle, said in a statement.
Titan executive chairman, Dr. Marc Rubin, said the company is working closely with a team of addiction medicine experts to help position Probuphine for success through a focused market segmentation strategy.
"Meanwhile, we will ensure that Probuphine will continue to be available through established distribution channels for patients suffering from opioid use disorder," he added.