Titan Plunges After Probuphine Rejected: San Francisco Mover
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Titan Pharmaceuticals Inc. plunged the most in 17 years after the company failed to win U.S. regulatory approval for an implant to treat addiction to heroin and prescription painkillers.
Titan fell 74 percent to 43 cents at 4 p.m. New York time, the biggest drop since January 1996 when the company began offering public shares. The Food and Drug Administration asked for more information to prove the matchstick-size implant called Probuphine for opioid dependence works, the company said in a statement yesterday. The FDA wants additional data on the effect of higher doses of Probuphine and training for doctors on insertion and removal of the implant.