Retrophin Inc. 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.
Date: August 16, 2013