Titan says 4Q net loss tightens to $4 million

By Angela McDaniels

Seattle, March 14 - Titan Pharmaceuticals Inc.'s net loss decreased by 49% to $4.0 million, or $0.12 per share, for the fourth quarter ended Dec. 31 from a net loss of $7.8 million, or $0.24 per share, for the fourth quarter of 2004, according to a company news release.

Net loss for 2005 decreased by 14% to $22.5 million, or $0.69 per share, from a net loss of $26.0 million, or $0.83 per share, for 2004.

Titan attributed the lower net losses to the conclusion of some clinical studies in 2004 and expense reduction strategies initiated in 2005. In 2004, the company recorded a one-time acquired research and development expense of $759,000 in connection with the acquisition of the remaining minority shares of Titan's wholly owned subsidiary, ProNeura Inc.

Revenue increased by 103% to $61,000 for the fourth quarter of 2005 from $30,000 for fourth quarter of 2004. For 2005, revenue increased by 187% to $89,000 from $31,000 for 2004.

Titan said it had about $17.4 million in cash and marketable securities at Dec. 31, a 52% decrease from $36.3 million at Dec. 31, 2004.

"Titan made progress in several development programs during 2005, while reducing expenses and arranging for further financing to support our development programs," chairman, president and chief executive officer Louis R. Bucalo said in the release.

Titan Pharmaceuticals is a biopharmaceutical company based in South San Francisco that develops and commercializes treatments for central nervous system disorders, cardiovascular disease, bone disease and other disorders.

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