Titan Pharmaceuticals Inc. (OTC BB: TTNP) share price has declined over the first half of 2010 despite the continuing positive news and developments. Titan Pharmaceuticals declined from the 2010 peak of $2.34 on January 4 to the low of $0.97 on June 29. The major reason of the decline was the lower than expected sales of Fanapt, a drug marketed by Novartis; Titan Pharmaceuticals is entitled to receive royalties on Fanapt sales. The Company’s average daily traded volume ranged between $150,000 and $200,000 over the last three months.

Titan Pharmaceuticals is a biopharmaceutical company that develops proprietary therapeutics for the treatment of central nervous system disorders, cardiovascular disease, and bone disease. Its flagship drug candidate Probuphine is a phase III clinical trial product for the treatment of opioid addiction. In addition to Probuphine, Titan Pharmaceuticalsis developing Iloperidone for the treatment of schizophrenia and related psychotic disorders; and Spheramine, a phase IIb clinical trial product for the treatment of advanced Parkinson’s disease.

Fanapt is a schizophrenia drug marketed by Novartis and developed by Vanda Pharmaceuticals under licensing agreements. The drug debuted in the market in January 2010. Novartis announced first quarter 2010 Fanapt sales of $21 million and paid Titan Pharmaceuticals $1.7 million as a royalty on those sales. However, analysts are estimating that the sales of Fanapt have progressed slowly than expected and suggesting that Novartis’ launch efforts could fail. Novartis’ July 15 earnings announcement for Q2 2010 could be decisive in appreciating how well Fanapt is doing in the marketplace.

On June 16, the Company announced that the U.S. Patent and Trademark Office granted it patent protection for Probuphine until 2023. The safety and effectiveness of treatment with Probuphine has been established in the three phase III studies conducted to date, and Titan Pharmaceuticals is currently conducting a confirmatory phase III clinical study in the U.S. which is partially funded through a two-year $7.6 million National Institute of Health grant being administered by the National Institute on Drug Abuse. The Company expects to commence the trials by the end of 2010 with results available in Q3 2011. These developments increases the Probuphine chances to receive FDA approval and enter commercialization in 2012.

The Company also holds rights to diiodothyropropionic acid, a proprietary product for the treatment of cardiovascular disease; and gallium maltolate, an oral agent for the treatment of chronic bacterial infections, bone disease, and cancer. It has collaboration with Bayer Schering Pharma AG for the development of Spheramine to treat Parkinson’s disease; and with Vanda Pharmaceuticals Inc. to develop iloperidone for the treatment of schizophrenia and related psychotic disorders.

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