Retrophin, Inc. Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
SAN DIEGO, Feb. 13, 2020 (GLOBE NEWSWIRE) -- Retrophin, Inc. (Nasdaq: RTRX) today announced that on February 10, 2020, the Compensation Committee of its Board of Directors granted inducement stock options to purchase an aggregate of 22,500 shares of its common stock to three new employees and granted inducement restricted stock units, or RSUs, covering an aggregate of 8,000 shares of its common stock to seven 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 $16.80 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 mothly 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.
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®.