Retrophin, Inc. (NASDAQ:RTRX) today announced that it has reached an
agreement to divest non-core assets ketamine, Syntocinon Nasal Spray®
(oxytocin), and Vecamyl® (mecamylamine HCI tablets) to Turing
Pharmaceuticals. Under the terms of the agreement, Turing
Pharmaceuticals will pay Retrophin a $3 million upfront payment and
assume all liabilities and future milestone payments related to these
products. The transaction is subject to specified conditions to closing
and consents. Also as part of the agreement, Retrophin founder Martin
Shkreli has resigned from the Company’s Board of Directors and his
employment agreement has been terminated, effective immediately.
“We remain confident in the potential of Chenodal® and Thiola®
to guide the company to profitability, and we will continue to invest in
and support these marketed products to ensure they provide the maximum
possible benefit to patients,” said Stephen Aselage, Chief Executive
Officer of Retrophin. “This agreement will also allow us to focus on
advancing key pipeline assets, including sparsentan for FSGS and RE-024
for PKAN, through the clinic.”
Steve Richardson, Chairman of the Board of Directors, added, “With a
streamlined effort, the company can now take important next steps
towards organic growth while continuing to pursue exciting development
opportunities. We thank Martin for his many contributions to Retrophin
and wish him the best of luck in his next endeavor.”
The divestment is expected to close by the end of the first quarter of
2015.
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 approved products include Chenodal®,
Thiola® and Vecamyl®, and its pipeline includes compounds for several
catastrophic diseases, including focal segmental glomerulosclerosis
(FSGS), pantothenate kinase-associated neurodegeneration (PKAN),
schizophrenia, infantile spasms, nephrotic syndrome and others. 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. No forward-looking statement can be guaranteed. 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 forward-looking statements, 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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