Kevin Kotler’s Broadfin Capital Initiates Stake in Eleven Biotherapeutics (EBIO) Following Its IPO

Broadfin Capital, led by Kevin Kotler, in a filing with the Securities and Exchange Commission, reported initiating a position in Eleven Biotherapeutics, Inc. (NASDAQ:EBIO). The fund currently owns 896,100 shares, which is equivalent to 5.55% of the common stock of the company.

Kevin Kotler

Eleven Biotherapeutics, Inc. (NASDAQ:EBIO) is a Massachusetts based company, focused on discovering and developing protein therapeutics to treat ocular diseases. The stock of the company began trading on the NASDAQ Global Market a couple of weeks ago. The company raised $50.0 million in an initial public offering of 5.00 million shares of its common stock at a price of $10.00 per share.

At the end of the fourth quarter of 2013, total value of the equity portfolio of Broadfin Capital was $1.45 billion. Kevin Kotler’s Broadfin Capital had the largest investment in Aerie Pharmaceuticals Inc (NASDAQ:AERI), the position amassing 391,232 shares, worth $702.65 million. The next big holding in its equity portfolio is the specialty pharmaceutical company, Depomed Inc (NASDAQ:DEPO), in which the fund reported 4.74 million shares, with a value of $50.2 million. Another significant investment of the fund is in Lannett Company, Inc. (NASDAQ:LCI) with a reported stake of 1.34 million shares, worth $44.35 million.

Early this year, the fund revealed a new stake in Retrophin Inc (NASDAQ: RTRX). Broadfin Capital now owns 1.61 million shares in this biotechnology company, which is equivalent to 6.93% of the common stock of Retrophin Inc (NASADQ:RTRX).

Late last year, Kevin Kotler’s Broadfin Capital upped its position in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) to 4.5 million shares from around 3.6 million shares held earlier. Around the same period, the fund also increased its position in Derma Sciences Inc (NASDAQ:DSCI) to 871,600 shares from 771, 600 shares held earlier.

Disclosure: none

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