Titan Pharma up on reverse merger deal with air transport system developer

Titan Pharmaceuticals

15/12/2022 12:51

** Shares of Titan Pharmaceuticals Inc  TTNP.O  up 8.94% at
$1.1 in premarket trading 
    ** Specialty pharma says it has entered a non-binding letter
of intent to complete a reverse merger with a leading developer
in Advanced Air Mobility (AAM) 
    ** AAM is an air transport system concept that incorporates
innovative aircraft designs and flight technologies into the use
of already-existing and newly modified airspace 
    ** TTNP sees AAM sector likely to offer tremendous growth
opportunity for its shareholders
    ** Co says it has taken steps to preserve capital, including
recent reductions of staff and overhead expenses
    ** TTNP also adds that it continues to have conversations
with potential strategic partners to monetize its significant
scientific assets  
    ** Up to Wednesday's close, stock down 5.5% YTD
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))