There's been a shakeup at the top at Titan Pharmaceuticals, which has been winding down its operations as it focuses on finding a partner or buyer for its assets. CEO Marc Rubin and COO Sunil Bhonsle will step aside from their roles but will continue to help in the wind-down. And CFO Robert Farrell is taking on the president's job. The company is voluntarily delisting from the American Stock Exchange.
Titan announced earlier this month that it would axe 40 percent of its staff--17 workers--and anticipated further cuts in the weeks ahead. Its primary task now is finding a partner or buyer for Probuphine, which is in late-stage development for opioid addiction.
The therapy is made from a mixture of ethylene-vinyl acetate and buprenorphine that is designed to provide continuous, non-fluctuating, long-term therapeutic levels of the drug buprenorphine for six months after a single administration. Titan has completed the first Phase III placebo controlled study of Probuphine in the treatment of opioid addiction with positive results.
- read Titan's release