Titan makes further cuts
This article was originally published in Scrip
Executive Summary
Titan Pharmaceuticalsis to make further staff cuts, this time to top management positions to reduce its expenses and operations. Marc Rubin, president and CEO, and Sunil Bhonsle, chief operating officer, are to leave the company. However, both will continue to assist the company in the development of its most clinically advanced product, Probupine (buprenorphine in an ethylene-vinyl acetate rod), for the treatment of opioid addiction. The company reduced its workforce by 40% earlier this month, and at the time warned that it would make further cuts in the following weeks (ScripOnline, December 2nd, 2008). Robert Farrell, currently chief financial officer, will now assume the role of president. Titan has filed with the SEC to delist voluntarily from the American Stock Exchange and to suspend its reporting obligations.