SAN DIEGO, Sept. 30, 2016 (GLOBE NEWSWIRE) -- Retrophin, Inc. (Nasdaq:RTRX) today announced that its Board of Directors has granted an inducement award pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules to Julio Gagne in connection with his employment as vice president, Program Management.
Mr. Gagne’s employment with Retrophin began today, September 30, 2016. Mr. Gagne’s inducement award consists of a stock option to purchase 60,000 shares of Retrophin common stock. The stock option has an exercise price per share equal to the closing price of Retrophin's common stock on the date of grant. The stock option is a non-qualified stock option, has a 10-year term and will vest over three years, with one-third vesting on the one-year anniversary of the grant date and remaining two-thirds vesting over the following two years in eight equal quarterly installments. The stock option is subject to the terms of Retrophin's 2015 Equity Incentive Plan, but was granted outside of the 2015 Equity Incentive Plan, and was granted as an inducement material to Mr. Gagne entering into employment with Retrophin in accordance with NASDAQ Listing Rule 5635(c)(4).
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 Company’s approach centers on its pipeline featuring clinical-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. Retrophin’s R&D efforts are supported by revenues from the Company’s commercial products Thiola®, Cholbam® and Chenodal®.
Contact: (Investors) Chris Cline, CFA Senior Director, Investor Relations 646-564-3680 IR@retrophin.com