Titan Pharmaceuticals, Inc. common stock (NASDAQ: TTNP) is rocketing early on in the trading session this morning, and for good reason. The company announed that it has been awarded a two-year grant for the development of ProNeura™. Of course, the news excited investors who are sending the stock up in the market this morning. Today, we’ll talk about:
- The grant;
- what we’re seeing from TTNP as a result; and
- what we’ll be watching for with regard to the stock ahead.
TTNP Announces Grant Award
As mentioned above, Titan Pharmaceuticals is having a strong trading session early on this morning after announcing that it has been awarded a grant. In a press release issued early this morning, the company said that the National Institute on Drug Abuse (NIDA) has awarded it a grant in connection with ProNeura.
The grant has a two year term and a value of approximately $6.7 million. These funds will be used to support the continued development of ProNeura, an opioid antagonist, intended for the prevention of relapse to opiod addiction following opiod detoxification. The grant will privde TTNP with about $2.7 million in funding dedicated to the project through August 31, 2019. The balance of the grant will be funded throughout the year following August 31, 2019. As is the case with any grant, the funding is dependent on the satisfaction of expected project progress, fund availability and other conditions.
In a statement, Dr. Kate DeVarney, Chief Scientific Officer and Principal Investigator of this project, had the following to offer:
NIDA previously provided funds for an important Phase 3 trial of our approved product, Probuphine®, and we are grateful for this additional vote of confidence in our ProNeura technology as well as our ability to execute on another program for the treatment of opioid addiction.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news causes moves. In the case of Titan Pharmaceuticals, the news proved to be overwhelmingly positive. After all, the grant not only provides funding, it also further validates the company’s work in the fight against opioid addiction. So, it comes as no surprise to see that excited investors are sending the stock rocketing upward. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:37), TTNP is trading at $0.72 per share after a gain of $0.046 per share or 6.85% thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on TTNP. In particular, we’re interested in following the project that led to the grant being awarded as this validation shows just how positive the outcome of this project may be. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!