Kevin Kotler’s Broadfin Capital Reveals New Stake in Dipexium Pharmaceuticals (DPRX)

A new filing with the SEC, Kevin Kotler and his hedge fund Broadfin Capital revealed new stake in Dipexium Pharmaceuticals, Inc (NASDAQ:DPRX). In Dipexium Pharmaceuticals, Kevin Kotler currently owns a total of 475,000 shares, which make the holding equal to 5.85% of the common stock.

Kevin Kotler

Dipexium Pharmaceuticals, Inc (NASDAQ:DPRX), founded in 2010, develops and commercializes Locilex, a peptide topical antibiotic, to treat mild or moderate acute bacterial skin and skin structure infections in superficial wounds. Formerly, the emerging biotechnology company was known as Dipexium Pharmaceuticals, LLC.

Last month, the company closed its initial public offering of approximately 3.2 million shares at an offer price of $12.0 per share. Dipexium raised net proceeds of approximately $35.1 million and the biotechnology company plans to use the net proceeds to further develop its antibiotic, Locilex. A couple of days ago, the Oppenheimer initiated coverage on Dipexium with an ‘outperform’ rating at a target price of $27.0 per share.

In February, Dipexium Pharmaceuticals, Inc (NASDAQ:DPRX) entered into a partnership with RRD International LLC, a provider of product development and expert-level support services to biopharmaceutical companies and investors, to develop Locilex.

Broadfin Capital is located in New York City. The fund has an equity portfolio of $758.2 million, concentrated in the Healthcare sector. Kevin Kotler, the founder of the fund has worked with The Galleon Group, ABN AMRO, and ING Barings.

Broadfin Capital has been active in the recent couple of months, reporting new stakes in several companies. Last month, the fund initiated position in Pernix Therapeutics (NASDAQ:PTX), with 3.5 million shares. In January, the fund disclosed holding a 6.9% stake in Retrophin Inc (NASDAQ:RTRX), which contains 1.61 million shares.

According to the fund’s latest 13F, top holdings of Broadfin Capital, as at the end of last year, were Depomed Inc (NASDAQ:DEPO), with a stake valued in excess of $50.2 million, followed by Lannett Company, Inc. (NYSE:LCI), of which it held around 1.3 million shares worth $44.4 million, and Angiodynamics Inc (NASDAQ:ANGO), in which it owned 2.5 million shares valued at more than $42.8 million.

Disclosure: none

Recommended Reading:

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

Broadfin Capital Ups Position in Rigel Pharmaceuticals, Inc. (RIGL)

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