Titan Pharmaceuticals (TTNP) Stock Flies On Canadian Public Funding

Titan Pharmaceuticals TTNP Stock News

Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) is flying in the market this morning, gaining more than 31% early on. You may be hard-pressed to find the source of the run. However, we’ve come across a Canadian press release that is clearly the reason for the run, and it all surrounds PROBUPHINE. Here’s what’s going on.

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TTNP Stock Climbs As Knight Therapeutics Reaches Milestone

Knight Therapeutics, Titan Pharmaceuticals’ partner in PROBUPHINE issued a press release in Canada last night that seems to be the source of all of the excitement today. In the release, Knight Therapeutics reminded investors that PROBUPHINE is the first and only subdermal implant approved in Canada. However, that’s not the exciting part.

What really has TTNP investors excited is that the implant is now publicly funded in Quebec, New Brunswick, Newfoundland and Novascotia for the management of opiod dependence in patients clinically stabilized on no more than 8 mg of sublingual buprenorphine in combination with counseling and psychosocial support.

Moreover, the company said that Manitoba has announced that it will add PROBUPHINE to the Manitoba Drug Benefits Formulary as of March 2, 2020. Yet another big win for both Knight and TTNP.

In a statement, Jonathan Ross Goodman, CEO At Knight Therapeutics, had the following to offer:

These listing decisions highlight the value payers and clinicians see in Canada’s first and only subdermal buprenorphine implant for patients living with opioid use disorder. We hope to reach agreements with the remaining provincial public drug programs to ensure this important treatment option is accessible to patients across the country who can benefit on their journey to recovery.

Why Investors Are So Excited

The fact of the matter is that this is huge news for Titan Pharmaceuticals. As a result of the news, we now know that a large population of patients has gained access to the PROBUPHINE implant.

The increased access and public funding for the treatment means that TTNP can expect to see a dramatic increase in sales ahead. This means that investors can look forward to both revenue and earnings growth ahead.

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