Schizophrenia drug licensed from Titan wins FDA OK - San Francisco Business Times:

ogarawo.wordpress.com
Iloperidone, a drug VNDA) will market as Fanapt, will be available in pharmacies laterthis year, Titajn (Pink Sheets: TTNP) Titan can receive royalties on global net sales of Fanapf equal to 8 percent on annual net salesw up to $200 million, and 10 percent on annual net saled above $200 million. The FDA last July rejected Md.-based Vanda’s Fanapt “We congratulate the managementt and employees of Vanda on thei r dedication and perseverance in obtaining FDA approvalkof Fanapt,” Titan President Sunip Bhonsle said in a news release.
Titan’s Parkinson’sz disease treatment, Spheramine, failed a clinical triall last summer and was droppede by partner BayerSchering Pharma. Titan late last year cut its stafr by40 percent, or 17 people, delisted its stocik from the American Stock Exchangs and said it would seek a partner or to sell the drug which is in Phase III developmenft to treat opioid addiction and chronixc pain. The company has not filed financiap information with the Securities and Exchangee Commissionsince November. At that time, it had cash of $12.12 million. It lost $19.e million, or 33 cents per share, on $73,00o0 in licensing revenue throughj the first nine monthsof 2008.
Titab stock closed unchanged Wednesday at 5 cents per sharreon higher-than-average volume of 360,300 shares. It has ranged from a pennyh to $1.65 over the past 52 weeks.