Titan Pharmaceuticals, Inc. (Pink Sheets: TTNP) announced that Vanda Pharmaceuticals, Inc. (NASDAQ: VNDA) has received U.S. Food and Drug Administration (FDA) approval to market Fanapt™ (iloperidone), an atypical antipsychotic, for the acute treatment of adult patients with schizophrenia, a chronic debilitating disorder which affects more than two million Americans, and millions more worldwide. Global sales from the class of atypical antipsychotics exceeded U.S. $20 billion in 2007.

Vanda plans to make Fanapt™ available in pharmacies later this year. Titan is entitled to receive royalties on global net sales of Fanapt™ equal to 8% on annual net sales up to $200 million, and 10% on annual net sales above $200 million. Titan incurs no ongoing expenses associated with this potential future income.

"We congratulate the management and employees of Vanda on their dedication and perseverance in obtaining FDA approval of Fanapt™. This is an important milestone for both Titan and Vanda," said Sunil Bhonsle, President of Titan. "This medicine will provide an important option to the patients suffering with this debilitating disease."

Titan Pharmaceuticals

View drug information on Fanapt.

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