United States-based Titan Pharmaceuticals Inc (NASDAQ: TTNP) announced yesterday its financial results for the third quarter ended 30 September 2019.

During three months ended 30 September 2019, the company reported around USD0.9m in total revenues compared with total revenues of around USD1.7m in the same period in 2018.

The company reported total operating expenses for the third quarter of 2019 at around USD4.8m compared with around USD3.6m in the year-ago period.

Net loss applicable to common shareholders in the third quarter of 2019 was approximately USD2.8m, or approximately USD0.18 per share, compared with a net loss applicable to common shareholders of approximately USD2.3m, or approximately USD0.64 per share, in the same quarter in 2018.

Titan's president and CEO, Sunil Bhonsle, said, 'This quarter, we continued to make important progress on the commercial activities for Probuphine by expanding the specialty product distribution network and implementing the patient portal to enhance the capabilities of the product order processing hub. We have also been engaged in addressing the company's capital needs and raised gross proceeds of approximately USD11.2m from two financings, which enables us to expand our commercial efforts in select market segments, including potential partnering with other companies if possible.'