Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) is having a great day in the market today, and for good reason. The company announced a partnership, exciting investors and sending the stock on a run for the top. Today, we’ll talk about:
- The partnership news;
- what we’re seeing from TTNP stock as a result; and
- what we’ll be watching for ahead.
TTNP Announces Partnership News
As mentioned above, Titan Pharmaceuticals is having a great day in the market today after announcing partnership news. In a press release issued early this morning, the company announced a partnership with Alliance Rx Walgreens Prime.
The partnership will ultimately epand patient access to the company’s Probuphone implant. This is a unique six-month maintenance treatment for opiod use disorder.
It is expected that the majority of Probuphine sales accomplished by TTNP in the United States will be through its specialty pharmacy distribution model. Through this model, speciatly pharmacies like AllianceRX Walgreens Prime will cary inventory, directly handle insurance billing and payments and ships the prescribed treatment to health care providers.
In a statement, Tracey James vice president of pharmacy services at AllianceRx Walgreens Prime, had the following to offer:
We are proud to partner with Titan to facilitate treatment access to Probuphine. For many people with OUD, the most effective treatment is the combination of counseling and medication-assisted treatment, or MAT. Our pharmacists use an integrated care management program to deliver comprehensive and collaborative care for patients throughout their care journey.
The above statement was followed up by Dane Hallberg, CCO at TTNP. Here’s what he had to say:
We are excited to expand our specialty pharmacy network for Probuphine to include such a nationally-recognized leader as AllianceRx Walgreens Prime. AllianceRx Walgreens Prime has excellent relationships with third-party payors and a network of fulfillment sites that spans the entire country. Its broad reach will significantly improve the ability of OUD patients to gain access to long-term maintenance treatment with Probuphine.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to Titan Pharmaceuticals, the news proved to be overwhelmingly positive. After all, the partnership will open the door to expanded patient access.
So, it’s not surprising to see that excited investors are pushing the stock up in the market this morning. As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:47), TTNP is trading at $2.09 per share after a gain of $0.68 per share or 48.12% thus far today.
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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 story surrounding the company’s continued work to expand patient access for its Probuphine treatment and excited to see the growth following today’s partnership announcement. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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