Pharmaceutical company cutting 40% of its staff
Titan Pharmaceuticals Inc. is cutting its staff by 40 percent, or about 17 people, to reduce costs and the company anticipates further cuts in coming weeks, as reported by the San Franscisco Times. San Francisco-based Titan did not give an exact number for the cuts, but the company had 44 employees as of its annual regulatory filing in March. Titan plans to reduce clinical and manufacturing development activities. JSB Partners LLC is helping Titan find a development partner for or sell the drug Probuphine, which is currently in Phase 3 clinical development. The U.S. Patent and Trademark Office in October rejected Titan’s application for a patent for Probuphine for treatment for opioid addiction and chronic pain.