Titan Pharmaceuticals (TTP) Provides Estimate of Upcoming Royalty Payment
4/22/2010 10:51:38 AM
SOUTH SAN FRANCISCO, Calif., April 21 /PRNewswire-FirstCall/ -- Titan Pharmaceuticals, Inc. (Pink Sheets:TTNP.pk - News) today confirmed that the company expects to receive a payment of approximately $1.6 million by May 15, 2010 as the royalty on the first quarter 2010 sales of Fanapt™ (iloperidone), a drug for the treatment of schizophrenia launched in the US by Novartis Pharma AG in January 2010. First quarter sales of Fanapt were reported to be $21 million, and under the terms of its sublicense agreement with Novartis, Titan is entitled to receive royalties on net sales of Fanapt equal to 8% on annual net sales up to $200 million, and 10% on annual net sales above $200 million. Titan incurs no ongoing expenses associated with this potential future income.
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