Titan amends agreement with Molteni

US drugmaker Titan Pharmaceuticals (Nasdaq: TTNP) has entered into an amendment of the previously announced definitive asset purchase, supply and support agreement with Italian firm L Molteni & C through which Molteni acquired the European intellectual property related to Probuphine (buprenorphine) .

Under the amendment, Molteni will make an immediate payment to Titan of 950,000 euros (approx $1.1 million), and has committed to make a convertible loan to Titan of 550,000 euros in mid-September subject to Titan's submission, in accordance with the amendment, of a response to questions posed by the European Medicines Agency (EMA), in exchange for the elimination of an aggregate of 2.0 million euros of regulatory milestones provided for in the purchase agreement, which would be payable potentially in 2019 at the earliest.

The loan, if made, will convert automatically into shares of Titan common stock upon the issuance by the EMA of marketing approval for Probuphine at a conversion price per share equal to the lower of (i) the closing price on the loan funding date and (ii) the closing price on the conversion date. In the event the EMA has not granted marketing approval by December 31, 2019, the convertible loan will become due and payable, together with accrued interest at the rate of one-month LIBOR (to the extent in excess of 1.10%) plus 9.50% per annum. All other terms and conditions of the purchase agreement remain the same.