Retrophin, Inc. (NASDAQ:RTRX) today announced the completion of the
previously announced acquisition of Manchester Pharmaceuticals LLC for a
total of $62.5 million, including an upfront payment of $29.5 million,
plus other payments based on product sales.
The acquisition brings two products to Retrophin that have been approved
by the U.S. Food and Drug Administration (FDA). Chenodal®
(chenodeoxycholic acid -- a synthetic bile acid also known as chenodiol)
is indicated for patients suffering from gallstones in whom surgery
poses an unacceptable health risk due to disease or advanced age.
Vecamyl® (mecamylamine HCI tablets) is indicated for the management of
moderately severe to severe essential hypertension and uncomplicated
cases of malignant hypertension.
Retrophin intends to pursue U.S. regulatory approval for Chenodal in
cerebrotendinous xanthomatosis (CTX). CTX is a rare inborn error of bile
acid metabolism that often causes chronic diarrhea in infants and
cataracts in childhood or adolescence and ultimately neurodegeneration
caused by the buildup of cholestanol in the brain. Chenodeoxycholic acid
is the standard of care for CTX, and the FDA granted it orphan drug
designation for CTX in March 2010.
“The acquisition of Manchester Pharmaceuticals is a transformative event
for Retrophin, as we are now a commercial company with two FDA-approved
products on the market,” said Martin Shkreli, Founder and Chief
Executive Officer of Retrophin. “We also look forward to raising
awareness of CTX, a rare, underdiagnosed and severe disease that is
treated with chenodeoxycholic acid. Early diagnosis of CTX is essential,
as many patients have permanent neurological damage that could be
avoided if the disease is detected early. As such, we are building a
team of medical science liaisons who will help educate physicians about
CTX.”
Dr. Gerald Salen, New Jersey Medical School, has one of the largest CTX
practices in the U.S. He noted, “Chenodal is the only effective
treatment for CTX, a rare degenerative inherited disease, and therefore
we are fortunate that Retrophin is continuing to make this FDA-approved
drug available to patients.”
About Retrophin
Retrophin is a pharmaceutical company focused on the development,
acquisition and commercialization of drugs for the treatment of serious,
catastrophic or rare diseases for which there are currently no viable
options for patients. The Company's marketed products include Chenodal®
and Vecamyl®, and its pipeline includes compounds for several
catastrophic diseases, including focal segmental glomerulosclerosis
(FSGS), pantothenate kinase-associated neurodegeneration (PKAN),
schizophrenia, autism, infantile spasms, nephrotic syndrome and others.
Retrophin intends to reintroduce Syntocinon Nasal Spray in the U.S. to
assist initial postpartum milk ejection. For additional information,
please visit www.retrophin.com.
Forward-Looking Statements
This press release contains "forward-looking statements" as that term is
defined in the Private Securities Litigation Reform Act of 1995,
regarding the research, development and commercialization of
pharmaceutical products. Without limiting the foregoing, these
statements are often identified by the words "may", "might", "believes",
"thinks", "anticipates", "plans", "expects", "intends" or similar
expressions. In addition, expressions of our strategies, intentions or
plans are also forward-looking statements. Such forward-looking
statements are based on current expectations and involve inherent risks
and uncertainties, including factors that could delay, divert or change
any of them, and could cause actual outcomes and results to differ
materially from current expectations. No forward-looking statement can
be guaranteed. Forward-looking statements in the press release should be
evaluated together with the many uncertainties that affect the Company's
business. You are cautioned not to place undue reliance on these
forward-looking statements as there are important factors that could
cause actual results to differ materially from those in forward-looking
statements, many of which are beyond our control. The Company undertakes
no obligation to publicly update any forward-looking statement, whether
as a result of new information, future events, or otherwise. Investors
are referred to the full discussion of risks and uncertainties as
included in the Company's filings with the Securities and Exchange
Commission.
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