Titan Pharma: Surges after settling debt of $5.2 mln

Titan Pharmaceuticals

26/10/2020 11:27

** Shares of drugmaker  TTNP.O  jump 50.3% to 21 cents
premarket
    ** Co enters into an agreement with Molteni & C. dei F.lli
Alitti Società di Esercizio S.p.A and Horizon Credit LLC II to
settle debt  urn:newsml:reuters.com:*:nPn1rycwFa
    ** Molteni and Horizon agree to settle a ~$5.2 mln
outstanding debt for a cash payment of $1.6 mln by Titan
    ** TTNP will also transfer some assets of its drug
Probuphine to Molteni including certain equipment, inventory and
non-U.S. Probuphine intellectual property
    ** TTNP discontinued sale of Probuphine in the U.S. market
last week 
    ** TTNP down ~30% YTD

 (Reporting by Trisha Roy in Bengaluru)
 ((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780,
outside U.S. +91 80 6182 3635;))