Proprietary therapeutics company Titan Pharmaceuticals Inc (NASDAQ:TTNP) declared an amendment under the July 2017 loan agreement with Horizon Technology Finance Corporation.

As part of this amendment, Titan will prepay USD3m of the outstanding USD7m principle amount, with an additional USD1m prepayment due on the earlier of the receipt of cash proceeds of at least USD5m from the sale of equity or 14 May 2018.

Under the amendment, Titan will provide Horizon with a lien on its intellectual property, which will be released if Titan receives at least USD500,000 in aggregate license revenues from sales of Probuphine in the US and Canada during any consecutive 12-month period prior to 31 December 2019.

All other terms and conditions from the original agreement remain in place, concluded the company.