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December 16, 2013
09:02 EDTTSPT, RTRXRetrophin withdraws offer for Transcept Pharmaceuticals
Retrophin (RTRX) announced that it has withdrawn its offer to acquire all of the shares of Transcept Pharmaceuticals, Inc.’s (TSPT) common stock for $4.00 per share in cash. Retrophin is no longer a shareholder of Transcept. Retrophin had submitted two offers to Transcept dated September 10 and September 18. Martin Shkreli, Founder and CEO of Retrophin, stated, “We were disappointed that, despite the fact that our offer was at a substantial premium to Transcept’s share price and represented, in our opinion, a compelling opportunity for its stockholders -- who also opposed Transcept’s risky and highly speculative stated strategy to grow the company through acquisitions -- our offer was dismissed without giving us the opportunity to discuss its merits directly with the Board of Directors. Given the reluctance of Transcept’s Board to engage in substantive discussions with us, their implementation of a “poison pill” in order to prevent stockholders from acquiring more than 4.99% of Transcept’s shares, their in-licensing of an early-stage migraine development project and their now expressed interest in entering into a reverse merger, we have now formally withdrawn our offer for Transcept. Retrophin is appalled at the lengths Transcept management has gone through to avoid a full and fair auction for Transcept. In the meantime, Transcept’s most precious asset, its cash, has dwindled, and we no longer believe a $4.00 per share purchase of Transcept represents a compelling transaction for our shareholders.”
News For RTRX;TSPT From The Last 14 Days
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April 14, 2014
16:24 EDTRTRXOn The Fly: Closing Wrap
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07:10 EDTRTRXRetrophin disappointed FDA won't grant expedited access to RE-024 for children
On Friday, April 11, Retrophin received an update from RE-024 clinical investigators that, despite several investigator-sponsored IND filings for RE-024 in the United States, the FDA has been unwilling to grant a clinical trial through this mechanism. The company intends to file a company-sponsored IND in May or June 2014, with a Phase I clinical trial in PKAN patients beginning in June or July 2014. The company continues to support efforts to launch an investigator-sponsored trial outside of the United States. The company said, “While we are disappointed the FDA has been unwilling to grant expedited access to RE-024 for children with a lethal disease, we respect its decision and are motivated by the enthusiastic and brave physicians and patients who desperately want access to this promising molecule. The small delay is frustrating to all of our stakeholders, but we expect the issue will be resolved in the near term and we are taking steps to grow our R&D infrastructure to avoid similar experiences in the future.”
07:09 EDTRTRXRetrophin raises FY14 revenue view to $19M-$21M from $10M-$12M
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