Broadfin Capital Initiates a Stake in Retrophin Inc (RTRX) Following Its Listing on NASDAQ

Kevin Kotler’s Broadfin Capital has revealed a new stake in Retrophin Inc (NASDAQ:RTRX), which amasses 6.93% of the company’s common stock, it contains 1.61 million shares.

Kevin Kotler

Retrophin Inc (NASDAQ:RTRX) is a pharmaceutical company that develops, acquires and commercializes drugs for the treatment of serious, catastrophic or rare diseases.

A week back, Retrophin conducted an underwritten public offering of 4.71 million shares at a price of $8.50 per share. Following the offering, the company got approved to list its common stock on the NASDAQ market, moving it from the previous OTCQB.

The gross proceeds from the offering, which amount to around $40 million, will be used to obtain regulatory approval for the reintroduction of Syntocinon into the U.S. market, the company said in a statement. Retrophin also holds several other drug candidates on different development stages, so the rest of the proceeds are planned to be used to support its research programms.

Also, recently Retrophin Inc (NASDAQ:RTRX) acquired privately-held Kyalin Biosciences, Inc., a company that develops therapies which targets the core symptoms of autism.

In this way, since the stock has been transferred on to the NASDAQ market, we can expect that investors will become more interested in the company. The stock already gained over 80% since January 2.

Martin Shkreli, the Chief Executive Officer and founder of Retrophin Inc (NASDAQ:RTRX), purchased 8,000 shares of the company earlier this week, raising his stake to 2.83 million shares.

The latest moves made by Broadfin Capital, is Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL), where the fund boosted its stake to 4.5 million shares, from some 3.6 million. The fund also upped its stake in Derma Sciences Inc (NASDAQ:DSCI) to 871,600 shares, up from 771,600 shares. The fund also added Biodel Inc (NASDAQ:BIOD) to its equity portfolio, and currently holds a stake of 5.2% in the company.

Disclosure: none

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