M&A: TITAN PHARMACEUTICALS INC

Form Type: 10-Q

Filing Date: 2025-01-03

Corporate Action: Merger

Type: Update

Accession Number: 000182912625000026

Comments: Titan Pharmaceuticals, Inc. reports on its quarterly financials for the period ending September 30, 2024, including a net loss of $763,000 for the quarter and $3.916 million for the nine months ended September 30, 2024. The report outlines significant past activities including a strategic exploration initiated in December 2021 for alternatives to enhance stockholder value, resulting in a Merger Agreement with TalenTec Sdn. Bhd. approved on August 19, 2024. This proposed reverse merger aims to consolidate operations, with merged entity ownership likely skewed towards TalenTec shareholders. Key financial highlights include total current assets of $3.602 million, and a drop in common stock shares from 914,234 to 781,503 since the last report. The report also details a significant focus shift from commercial operations to product development, following the sale of the ProNeura assets on September 1, 2023, for a total of $2 million, along with potential future milestone payments.

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