Benzinga | Oct 26, 2020 06:37AM EDT

Titan Pharmaceuticals Announces an Agreement to Settle its Debt Obligations with Molteni and Horizon Credit

Under the terms of the agreement, Molteni and Horizon agreed to settle the approximately $5.2 million of outstanding indebtedness in exchange for the payment by Titan of a total of $1.6 million in cash to Horizon and Molteni, the transfer of certain Probuphine(r) assets to Molteni, including certain equipment, inventory and non-U.S. Probuphine intellectual property, and the termination of Titan's rights to future payments under its asset purchase, supply and support agreement with Molteni.

"Reaching agreement on the settlement of the outstanding debt is a major step in the restructuring of Titan, and we appreciate the timely action and cooperation of Molteni and Horizon in accomplishing this goal," said Dr. DeVarney, President and Chief Operating Officer of Titan. "We are making good progress in closing down the U.S. commercial activities for Probuphine, and except for the required pharmacovigilance and REMS support to health care providers who have patients in treatment, we will have completed this task during the quarter."