Retrophin, Inc. Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Retrophin, Inc. (Nasdaq: RTRX) announced on September 10, 2020, the granting of inducement stock options for 38,250 shares and restricted stock units (RSUs) for 7,475 shares to new employees. The stock options have an exercise price of $18.46 per share, vesting over four years. The RSUs also vest over four years, with 25% vesting each year. This initiative is part of Retrophin's strategy to attract talent to support its focus on developing therapies for rare diseases, including its late-stage candidate sparsentan for focal segmental glomerulosclerosis (FSGS) and IgA nephropathy (IgAN).

Positive

• Inducement stock options granted for 38,250 shares and RSUs for 7,475 shares to attract new talent.
• Stock options priced at $18.46, aligning with market value, potentially enhancing employee motivation.
• Retrophin's focus on rare diseases, supported by ongoing R&D for its lead candidate, sparsentan.

Negative

• None.

SAN DIEGO, Sept. 14, 2020 (GLOBE NEWSWIRE) -- Retrophin, Inc. (Nasdaq: RTRX) today announced that on September 10, 2020, the Compensation Committee of its Board of Directors granted inducement stock options to purchase an aggregate of 38,250 shares of its common stock to four new employees and granted inducement restricted stock units, or RSUs, covering an aggregate of 7,475 shares of its common stock to six new employees. These inducement stock options and inducement RSUs are subject to the terms of Retrophin’s 2018 Equity Incentive Plan (“2018 Plan”), but were granted outside of the 2018 Plan and were granted as inducements material to the new employees entering into employment with Retrophin in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options have an exercise price of $18.46 per share, the closing price of Retrophin’s common stock on the date of grant, are non-qualified stock options, have a 10-year term and vest over four years, with 25% of the shares vesting on the one-year anniversary of the grant date and the remaining 75% of the shares vesting in equal monthly installments over the following 36 months, subject to the new employee’s continued service relationship with Retrophin through the applicable vesting dates.

The RSUs vest over four years, with 25% of the shares vesting on each anniversary of the grant date, subject to the new employee’s continued service relationship with Retrophin through the applicable vesting dates.

About Retrophin

Retrophin is a biopharmaceutical company specializing in identifying, developing and delivering life-changing therapies to people living with rare disease. The Company’s approach centers on its pipeline featuring sparsentan, a product candidate in late-stage development for focal segmental glomerulosclerosis (FSGS) and IgA nephropathy (IgAN), rare disorders characterized by progressive scarring of the kidney often leading to end-stage renal disease. Research in additional rare diseases is also underway, including partnerships with leaders in patient advocacy and government research to identify potential therapeutics for NGLY1 deficiency and Alagille syndrome, conditions with no approved treatment options. Retrophin’s R&D efforts are supported by revenues from the Company’s commercial products Chenodal^®, Cholbam^®, Thiola^® and Thiola EC^®.

Retrophin.com

Contact:
Chris Cline, CFA                                           
Senior Vice President, Investor Relations & Corporate Communications
888-969-7879                                                  
IR@retrophin.com

FAQ

What stock options were granted by Retrophin on September 10, 2020?

Retrophin granted inducement stock options to purchase 38,250 shares of common stock.

What is the exercise price of the stock options granted to Retrophin's new employees?

The exercise price of the stock options is $18.46 per share.

How long is the vesting period for the RSUs granted by Retrophin?

The RSUs vest over four years, with 25% vesting on each anniversary of the grant date.

What rare diseases is Retrophin focusing on with its product candidate sparsentan?

Sparsentan is in late-stage development for focal segmental glomerulosclerosis (FSGS) and IgA nephropathy (IgAN).