Acquisition expands
Retrophin's CNS Pipeline
NEW YORK--(BUSINESS
WIRE)--December 12, 2013--
Retrophin, Inc. (OTCQB:
RTRX) today announced that it will acquire privately-held Kyalin Biosciences,
Inc., an early-stage company based in San Diego, CA, that is developing
therapies targeting the core symptoms of autism and related conditions. Its
lead product is an optimized intranasal delivery form of carbetocin, a
synthetic analog of the naturally occurring peptide hormone, oxytocin. The deal
is scheduled to close by year-end.
As part of the transaction,
Srinivas Rao, M.D., Ph.D., Founder and President of Kyalin Biosciences, joins
Retrophin effective today as Executive Vice President, Head of Neuroscience
with responsibility for central nervous system (CNS) drug development.
"We are pleased to
announce the acquisition of Kyalin Biosciences and look forward to leveraging
Dr. Rao's extensive work and expertise, particularly in the area of autism, as
we seek to bring new treatment options to this catastrophic condition,"
said Martin Shkreli, Founder and Chief Executive Officer of Retrophin.
"Kyalin's development of carbetocin for the treatment of autism and
related conditions is a seamless fit with our strategy, which was outlined in
this morning's announcement of our U.S. licensing agreement with Novartis for
intranasal Syntocinon, and our planned clinical trial program for potential use
of the drug as a treatment for schizophrenia and autism."
Dr. Rao has more than 13
years of experience in the biopharmaceutical industry, in both R&D and
senior management positions. Prior to Kyalin Biosciences, Dr. Rao spent
approximately 11 years at Cypress Bioscience, Inc., most recently as Chief
Scientific Officer, where he played key roles in both preclinical and clinical
drug development. In addition, he played an integral role in business
development at Cypress, with responsibility for all aspects of technical
diligence, as well as negotiation and financial modeling on a select number of
opportunities, including intranasal carbetocin for the treatment of autism.
Further, Dr. Rao was responsible for the development, prosecution, and
maintenance of Cypress' patent estate and was the inventor on more than 30
patents and patent applications filed at Cypress for a range of indications. He
is the parent of two sons with autism.
Dr. Rao earned an M.S. and
B.S. in electrical engineering, as well as an M.D. and Ph.D., from Yale
University. He completed an internship in Internal Medicine at Yale-New Haven
Hospital. His Ph.D. research focused on the neuropharmacology of working
memory. Dr. Rao has published 17 manuscripts with topics ranging from original,
basic science and clinical research to invited, topical reviews. He currently
serves as an advisor to the Simons Foundation Autism Research Initiative
(SFARI).
About Kyalin Biosciences
Kyalin Biosciences develops
therapies targeting the core symptoms of autism and related conditions. While
autism affects 1 in 88 children in the U.S. (CDC, 2013), there are no approved
therapies for the core social and repetitive behavior deficits associated with
autism. Kyalin's lead product is a highly optimized intranasal delivery form of
carbetocin, the latter a synthetic version of the natural occurring peptide hormone
oxytocin. This asset represents a potential breakthrough treatment for the core
deficits that characterize the autistic spectrum disorders. Intranasal
carbetocin leverages the natural biology of oxytocin, the 'trust hormone' shown
to promote affiliative behavior in hundreds of studies. For additional
information, please visit www.kyalinbio.com.
About Retrophin
Retrophin is a
pharmaceutical company focused on the development, acquisition and
commercialization of drugs for the treatment of serious, catastrophic or rare
diseases for which there are currently no viable options for patients. The
Company's pipeline includes compounds for several catastrophic diseases,
including Focal Segmental Glomerulosclerosis (FSGS), Pantothenate
Kinase-Associated Neurodegeneration (PKAN), Duchenne Muscular Dystrophy and
others. Retrophin's lead compound, Sparsentan, formerly known as RE-021, is
scheduled to begin enrollment in a potentially pivotal Phase 2 clinical trial
for FSGS during 2013. The Company also intends to initiate clinical trials for
intranasal oxytocin as a potential treatment for schizophrenia and autism. For
additional information, please visit www.retrophin.com.
Forward-Looking Statements
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. Forward-looking statements in the press release should be evaluated
together with the many uncertainties that affect the Company's business. 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 any 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 Company's filings with the Securities and Exchange Commission.
CONTACT: Retrophin, Inc.
Marc Panoff, CFO
646-564-3671
marc@retrophin.com
SOURCE: Retrophin, Inc.
Copyright Business Wire
2013
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