SAN DIEGO, March 05, 2018 (GLOBE NEWSWIRE) -- Retrophin, Inc. (NASDAQ:RTRX) today announced that Casey Logan has joined the Company as vice president, corporate development. Mr. Logan will report to chief operating officer Neil McFarlane, and be responsible for leading global corporate and business development efforts.
“We are delighted to welcome Casey to the Retrophin team,” said Mr. McFarlane. “This is a pivotal time for the Company, and we look forward to Casey’s contributions as we continue our strides to become a preeminent member of the rare disease community.”
Mr. Logan brings 15 years of experience leading business development, strategic planning and operational activities in the biopharmaceutical industry. Mr. Logan joins Retrophin from Tracon Pharmaceuticals, where he had served as chief business officer since February 2013. At Tracon, Mr. Logan led all strategic, business and corporate development efforts, including the company's IPO in January 2015. Before joining Tracon, Mr. Logan held senior corporate development roles at biopharmaceutical companies Bird Rock Bio (formerly RuiYi, Inc.) and Anadys Pharmaceuticals, Inc., before its acquisition by Roche. Prior to these roles, Mr. Logan was a member of the corporate business development group at Eli Lilly and Company.
Mr. Logan served as an officer in the U.S. Naval Nuclear Propulsion Program. Mr. Logan received his B.S.E. in chemical engineering from the University of Michigan, and an M.B.A. from the Kellogg School of Management at Northwestern University.
In connection with the hiring of Mr. Logan on March 5, 2018, Retrophin’s Compensation Committee granted an inducement award to Mr. Logan in the form of a stock option to purchase 40,000 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 four years, with one-fourth vesting on the one-year anniversary of the grant date and the remaining three-fourths vesting over the following three years in twelve equal quarterly installments.
The stock award described above 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. Logan entering into employment with Retrophin in accordance with NASDAQ Listing Rule 5635(c)(4).
Retrophin is a biopharmaceutical company specializing in identifying, developing and delivering life-changing therapies to people living with rare diseases. The Company’s approach centers on its pipeline featuring late-stage assets targeting rare diseases with significant unmet medical needs, including fosmetpantotenate for pantothenate kinase-associated neurodegeneration (PKAN), a life-threatening neurological disorder that typically begins in early childhood, and sparsentan for focal segmental glomerulosclerosis (FSGS) and IgA nephropathy (IgAN), disorders characterized by progressive scarring of the kidney often leading to end-stage renal disease and glomerulonephritis, respectively. Research in additional rare diseases is also underway, including a joint development arrangement evaluating the potential of CNSA-001 in phenylketonuria (PKU), a rare genetic metabolic condition that can lead to neurological and behavioral impairment. Retrophin’s R&D efforts are supported by revenues from the Company’s commercial products Chenodal®, Cholbam® and Thiola®.
Chris Cline, CFA
Vice President, Investor Relations & Corporate Communications