Tuesday, Titan Pharmaceuticals, Inc. (TTP) reported a wider net loss for the second quarter on higher expenses, primarily related to the continued late stage development of Probuphine.
Net loss for the second quarter widened to $7.7 million or $0.13 per share from $3.5 million or $0.08 per share in the same quarter of last year.
The company's revenues from license fees were $12 thousands for the quarter, flat with the last year. Total operating expenses increased to $7.9 million from $4.0 million in the year-ago period.
Research and development expenses rose to $4.8 million from $2.6 million in the previous year, primarily due to the costs associated with the late stage development trials of the company's Probuphine product.
General and administrative expenses increased to $3.0 million from $1.3 million in the preceding year, driven by higher non-cash stock compensation expenses, accrued retirement expenses and market research costs associated with the development of Probuphine.
Titan's proprietary drug Probuphine, a novel formulation of buprenorphine for the treatment of opiate addiction and chronic pain is currently in the late stage clinical studies. The company had announced positive results from the Phase III randomized, placebo-controlled, multi-center clinical study of the drug in July 2008.
For the first-half, the company reported net loss of $13.4 million or $0.23 per share, compared with net loss of $7.1 million or $0.17 per share in the same period of last year. License revenue grew to $73 thousands from $12 thousands in the year-ago period.
TTP closed Monday's regular trading session at $0.29. For the past 52 weeks, the stock has been trading in the range of $0.25 to $2.60.
For comments and feedback: editorial@rttnews.com