Shares in Titan Pharmaceuticals (NSDQ:TTNP) fell yesterday after the pharmaceutical company missed expectations on Wall Street with its second quarter results.
The San Francisco, Calif.-based company posted a net loss of -$3.5 million on sales of $77,000 for the 3 months ended June 30. In the same period last year, Titan posted profits of $11.9 million on sales of $15 million, thanks to a one-time milestone payment following FDA approval of its buprenorphine implant, Probuphine.
Adjusted to exclude 1-time items, earnings per share were -17¢, behind consensus on The Street, where analysts were looking for sales of $100,000.
“Braeburn has made steady progress in commercializing Probuphine and we are encouraged by the license revenue increase we have seen from the first to the second quarter,” president & CEO Sunil Bhonsle said in prepared remarks. “While there are still challenges, we believe Braeburn is establishing a strong foundation for future success, and we expect that third-party payor coverage will continue to improve, expanding access to treatment with Probuphine. We were also pleased to secure debt financing of up to $10 million, which significantly expands our cash runway with minimal dilution for shareholders.”
TTNP shares were trading at $1.65 apiece today in morning activity, up 6.5%.
