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5/7/2009 7:29:38 AM(RTTNews) Titan Pharmaceuticals Inc. (TTNP.PK) is positioned to benefit from the FDA approval of Vanda Pharmaceuticals Inc.’s (VNDA) first product, a schizophrenia treatment. The drug Fanapt, generically called iloperidone, is touted for its mild safety profile in the $15.8 billion U.S. market for antipsychotic drugs.

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

The stock, which has moved between $0.01 and $1.65 in the past 52 weeks, closed Wednesday’s trade at $0.05.