MARTIN SHIKRELI, CEO of Retrophin, bought 150,000 shares of Retrophin at $7 per share for a total amount of $1.05 million on December 31, 2013. As of the time of writing on Jan 4, 2013 the stock is trading at $8.40 per share.
Martin Shikreli’s most recent annual compensation is a salary of $815,000. Mr. Shikrel is a very young 30 year old. According to his biography, Martin Shkreli is Chief Executive Officer, Director of Retrophin Inc, since December 17, 2012. Previously, Mr. Shkreli was the founder of Retrophin, LLC (the predecessor, Retrophin, Inc.) and served as the President of predecessor since its formation. Mr. Shkreli is also the founder and managing partner of MSMB Capital Management, a New York hedge fund firm founded in 2006 that manages a variety of partnerships. Prior to MSMB, Mr. Shkreli was employed at Intrepid Capital Management from 2004 to 2006 and previously at Cramer Berkowitz & Co, both of which are hedge fund firms based in New York. Mr. Shkreli is an experienced biotechnology and pharmaceutical industry investor, particularly in businesses with orphan drugs. Mr. Shkreli received his BBA from Baruch College.
Retrophin is located in New York, New York.
Retrophin Inc. (Retrophin), formerly Desert Gateway, Inc., is a biotechnology company. The Company focused on discovering and developing treatments for rare and life-threatening diseases. The Company developing treatments for Focal Segmental Glomerulosclerosis (FSGS), Pantothenate Kinase-Associated Neurodegeneration (PKAN), Duchenne Muscular Dystrophy and other catastrophic diseases. On December 12, 2012, wholly owned subsidiary of the Company, Desert Gateway Acquisition Corp. (Merger Sub) merged with and into Retrophin, with Retrophin remaining as the surviving entity. Effective December 23, 2013, Retrophin Inc acquired Kyalin Biosciences, a biotechnology company.
According to Capital IQ, Retrophin has a market cap of $154 million, and an enterprise value of $111 million. The company has no significant trailing twelve-month revenues.
On December 17, 2013, Retrophin, Inc. announced its newest clinical development candidate RE-034 (cosyntropin), a long-acting synthetic analog (amino acids 1-24) of the naturally-occurring adrenocorticotropic hormone (ACTH) formulated with zinc. Cosyntropin is also known outside the U.S. as tetracosactide.
On December 16, 2013, Retrophin, Inc. announced that it has withdrawn its offer to acquire all of the shares of Transcept Pharmaceuticals, Inc.’s common stock for $4.00 per share in cash. Retrophin is no longer a shareholder of Transcept. Retrophin had submitted two offers to Transcept dated September 10, 2013 and September 18, 2013.
On December 12, 2013, Retrophin, Inc. announced that it will acquire privately-held Kyalin Biosciences, Inc., an early-stage company based in San Diego, CA, that is developing therapies targeting the core symptoms of autism and related conditions. Its lead product is an optimized intranasal delivery form of carbetocin, a synthetic analog of the naturally occurring peptide hormone, oxytocin. The deal is scheduled to close by year-end.
On November 18, 2013, Retrophin announced quarterly results. Phase II trial initiation activities for RE-021 in focal segmental glomerulosclerosis (FSGS) are underway, with “first-patient-in” expected in December 2013. FDA has indicated the results of this Phase II trial may serve as the basis for accelerated approval. The company also entered into exclusivity agreement with a major pharmaceutical company to negotiate a license to a product to be developed for Autism and Schizophrenia. Retrophin expects to close and announce the license agreement in December 2013. Retrophin also reported positive survival data from preclinical trial of RE-024 for the treatment of the ultra-orphan disease, Pantothenate Kinase-Associated Neurodegeneration (PKAN). A Phase I emergency and compassionate use trial of RE-024 is expected to begin enrolling in December 2013 or January 2014.
Retrophin just expanded management team and Board of Directors with additions of Steven R. Eby, R.Ph as Vice President, Global Strategy and Program Management; Maria Beconi, Ph.D., as Vice President of Preclinical Development; Ronald Guido as Vice President of Regulatory Affairs; Jennifer Hunt as Vice President of Clinical Operations; Nils Olsson, Ph.D., as Vice President, Chemistry, Manufacturing and Control (CMC); Ryan Bucco Pharm.D., as Director of Medical Strategy; Kristyn Bogli, as Director of Clinical Logistics; and Cornelius E. Golding and Jeffrey Paley, MD as Directors.
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