NEW YORK--(BUSINESS WIRE)--
Retrophin, Inc. (OTCQB: RTRX) today announced that it has signed an
agreement with a major pharmaceutical company for the exclusive right to
negotiate a royalty-bearing U.S. license for a product to be developed
for the treatment of Autism and Schizophrenia. Pursuant to the
exclusivity agreement, Retrophin paid the major pharmaceutical company a
non-refundable upfront fee and will have an exclusive period of 120 days
to negotiate a license agreement. Upon execution of a license agreement,
Retrophin would receive the exclusive right to the intellectual property
to develop, manufacture and sell the product in the United States and
would pay an additional fee to the major pharmaceutical company.
Commenting on today's news, Martin Shkreli, Founder, President and Chief
Executive Officer of Retrophin, noted, "We are very pleased to have the
opportunity to exclusively negotiate a license to a product which may
represent an important new therapeutic option for patients with
schizophrenia and/or autism spectrum disorders. Numerous existing
studies utilizing this product have shown positive results in autistic
people and those suffering from schizophrenia. This data, combined with
our own due diligence, leads us to believe that this drug may have
significant utility in these indications."
Retrophin is a pharmaceutical company focused on the discovery and
development of drugs for the treatment of debilitating and often
life-threatening diseases for which there are currently no viable
patient options. The Company is currently focused on several
catastrophic diseases affecting children, including Focal Segmental
Glomerulosclerosis (FSGS), Pantothenate Kinase-Associated
Neurodegeneration (PKAN), Duchenne Muscular Dystrophy and others.
Retrophin's lead compound, RE-021, is scheduled to begin enrollment in a
potentially pivotal Phase 2 clinical trial for FSGS during 2013. For
additional information, please visit www.retrophin.com.
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. 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.
The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events, or otherwise.
Marc Panoff, CFO
Paula Schwartz (Investors)
Source: Retrophin, Inc.
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