SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 9, 2017
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
3721 Valley Centre Dr., Suite 200
San Diego, CA
|(Address of principal executive offices)||(Zip Code)|
Registrants telephone number, including area code: (760) 260-8600
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|☐||Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)|
|☐||Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)|
|☐||Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))|
|☐||Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))|
|ITEM 2.02||RESULTS OF OPERATIONS AND FINANCIAL CONDIDITIONS|
On January 9, 2017, the Company issued a press release announcing preliminary financial results for the year ended December 31, 2016. A copy of the press release is attached as Exhibit 99.1 to this current report.
The information in this Item 2.02, and Exhibit 99.1 attached hereto, is being furnished and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this current report shall not be incorporated by reference into any registration statement or other document filed with the Securities and Exchange Commission, whether filed before or after the date hereof regardless of any general incorporation language in any such filing, unless the registrant expressly sets forth in such filing that such information is to be considered filed or incorporated by reference therein.
Statements contained in this Current Report on Form 8-K regarding matters that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Risks are described more fully in the Companys filings with the Securities and Exchange Commission, including without limitation the Companys most recent Quarterly Report on Form 10-Q and other documents subsequently filed with or furnished to the Securities and Exchange Commission. All forward-looking statements contained in this Current Report on Form 8-K speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
|ITEM 9.01||FINANCIAL STATEMENTS AND EXHIBITS|
|99.1||Press release of Retrophin, Inc. dated January 9, 2017.|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Dated: January 9, 2017||By:||
/s/ Stephen Aselage
|Title:||Chief Executive Officer|
Chris Cline, CFA
Senior Director, Investor Relations
Retrophin Provides Corporate Update and 2017 Preview
FDA discussions on sparsentan planned for January; RE-024 advancing with Phase 3 trial for the treatment of PKAN
Preliminary Full-Year 2016 Revenue of Approximately $134 Million
SAN DIEGO (January 9, 2017) Retrophin, Inc. (NASDAQ: RTRX) today announced that, based on preliminary and unaudited financial data, the Company expects net product sales for the fourth quarter of 2016 to be approximately $37 million. For the fiscal year 2016, the Company expects total net product sales of approximately $134 million.
2017 is an important year for Retrophin as we continue to advance our two clinical programs towards NDA filing, said Stephen Aselage, chief executive officer of Retrophin. We look forward to our meeting with the FDA later this month regarding the regulatory pathway for sparsentan in FSGS, as well as dosing the first patient in our Phase 3 trial evaluating RE-024 for PKAN in the coming months. In addition, we closed the year with strong financial performance and anticipate revenue growth will continue in 2017 which will provide further financial support to develop our maturing pipeline.
In early March, the Company expects to announce final financial results from the fourth quarter and full-year 2016, as well as a detailed corporate update, in a press release and conference call.
Retrophin is a fully integrated biopharmaceutical company dedicated to delivering life-changing therapies to people living with rare diseases who have few, if any, treatment options. The Companys approach centers on its pipeline featuring late-stage assets targeting rare diseases with significant unmet medical needs, including sparsentan for focal segmental glomerulosclerosis (FSGS), a disorder characterized by progressive scarring of the kidney often leading to end-stage renal disease, and RE-024 for pantothenate kinase-associated neurodegeneration (PKAN), a life-threatening neurological disorder that typically begins in early childhood. Research exploring the potential of early-stage assets in several rare diseases is also underway. Retrophins R&D efforts are supported by revenues from the Companys commercial products Thiola ® , Cholbam ® and Chenodal ® .
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. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Companys business and finances in general, as well as risks and uncertainties associated with the Companys pre-clinical and clinical stage pipeline as well as its sales and marketing strategies. Specifically, the Company faces risks associated with market acceptance of its marketed products including efficacy, safety, price, reimbursement and benefit over competing therapies. With respect to its development-stage programs, the Company faces risk that additional clinical trials will be required for regulatory approvals, uncertainty around the outcome of the planned meeting with the FDA regarding the regulatory pathway for sparsentan in FSGS, risk that the sparsentan and/or RE-024 program will be delayed for regulatory or other reasons, risk that the Companys Phase 3 clinical trial of RE-024 will fail to demonstrate that RE-024 is safe and effective, and for each of the programs, risk associated with enrollment of clinical trials for rare diseases, as well as risks related to manufacturing, intellectual property, and reliance on third-party contractors. 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 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 Companys filings with the Securities and Exchange Commission.