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Titan Parkinson's Treatment Fails Trial, Likely to be Dropped by Bayer Schering

Titan Pharmaceutical Inc.'s potential cell-based treatment for Parkinson's Disease failed in a Phase IIb study, the company said Wednesday, and likely won't be continued by partner Bayer Schering Pharma.

South San Francisco-based Titan's stock had shed 60 cents by late-day trading, down 45 percent to 71 cents per share.

Initial analysis of results from the 71-patient study of Spheramine -- designed to test the safety, tolerability and efficacy of the treatment -- found that it had no significant differences from sham surgery arms after 12 months of follow up.

Titan President and CEO Marc Rubin. a former head of global research for Bayer, said Bayer Schering Pharma likely will not continue development of Spheramine.

The Food and Drug Administration four years ago gave Spheramine fast-track status and had previous given it orphan drug status for advanced Parkinson's.

The Titan-Bayer worldwide development partnership dates back to February 2000, under the former Schering AG. Bayer Schering reimburses Titan for certain research and development expenses and funds all clinical studies of Spheramine. The first patient was treated in April 2003 and the last was treated in June 2007.

Titan (AMEX:TTP), which had a net operating loss of $5.7 million in the quarter ended March 31 and has a cumulative loss of $242 million, is continuing its two later-stage programs. Iloperidone for schizophrenia is expected to be considered by FDA later this month; results from a Phase III trial of Probuphone for opioid addiction are expected by the end of September.

Source Date: Jul 02 2008
Source Publication: San Jose Business Journal
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