South San Francisco-based Titan Pharmaceuticals is borrowing $5 million from Oxford Finance. It needs the money to continue its Phase III trials of Probuphine to treat opioid addiction.
The device fits beneath the skin and delivers the drug continuously for six months. The advantage is that opioid addicts--including users of illicit drugs such as heroin or prescription drugs such as oxycontin--do not get a chance to backslide because they do not have to think about taking the treatment every day.
Initial safety and effectiveness of Probuphine has been demonstrated in a series of clinical studies, according to the company. Probuphine was developed using ProNeura, Titan's continuous drug delivery system that consists of a small, solid rod made from a mixture of ethylene-vinyl acetate and a drug substance. The resulting product is a solid matrix that is placed subcutaneously, normally in the upper arm in a simple office procedure.
Titan also says that Probuphine could potentially treat chronic pain sufferers, who represent a larger patient population than opioid addiction and a significant unmet medical need.
- read the Titan release on Phase III enrollment
- and the release on Titan's $5 million loan
- view illustrations of how Probuphine works