Titan Pharmaceuticals stock was soaring Friday on news concerning the relaunch of Probuphine.
Titan Pharmaceuticals’ (NASDAQ:TTNP) Probuphine is a subdermal implant that delivers buprenorphine to a patient. This implant only requires a single procedure to be put in place and works for six months.
Titan Pharmaceuticals notes that Probuphine is used to treat adults that are suffering from opiod addiction. This includes addition from both prescription and illegal versions of the drug. It got approval from the U.S. Food and Drug Administration in May 2016 and is the only implant of its kind for treating this type of addiction.
The good news for Titan Pharmaceuticals is that a recent relaunch of Probuphine is performing well. The company says that it has seen a double digit increase in shipments of the device during the period of its relaunch, which was in mid-June 2018.
Titan Pharmaceuticals stock is also getting a boost from the company saying that shipments of Probuphine have continued to increase 20% sequentially for the rest of 2018. It will provide more details about this when it releases its earnings report for the fourth quarter of 2018 in March.
The news release that has Titan Pharmaceuticals stock on the move today also includes other details about the Probuphine relaunch. Among these are it acquiring commercial and medical affairs personnel for all targeted regions to help the treatment grow. It also has a government relations firm that is helping with a lobbying plan for Probuphine.
TTNP stock was up 33% as of Friday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.