NEW YORK--(BUSINESS WIRE)--Retrophin, Inc. (NASDAQ:RTRX) today announced that Jeffrey Paley, MD has stepped down as a member of the Board of Directors to more fully devote time to his medical practice, and Marc Panoff has decided to leave his role as Chief Financial Officer (CFO) to pursue other career opportunities. Mr. Panoff will continue overseeing financial operations until a CFO replacement is in place. The Company has initiated searches to identify a new independent director and CFO.
“On behalf of the board and management team, I would like to thank Dr. Paley and Marc for their leadership and dedication to Retrophin,” said Martin Shkreli, Founder and Chief Executive Officer of Retrophin. “Dr. Paley’s clinical expertise and insights have been invaluable to the expansion of our pipeline and the execution of our corporate strategy.”
Mr. Shkreli continued, “We have made significant progress under Marc’s financial direction and he will be leaving the company in a strong financial position for future growth. We look forward to Marc’s ongoing contributions during this transition period and wish him well in his future endeavors.”
Mr. Panoff stated, “I joined Retrophin when it had no FDA-approved products and an early-stage pipeline. Today, we are a strong and vibrant business with three commercial products and a promising pipeline. I’m proud of what the senior management team has accomplished and look forward to my next endeavor where I will apply the same methods that resulted in success at Retrophin.”
Retrophin is a pharmaceutical company focused on the development, acquisition and commercialization of drugs for the treatment of serious, catastrophic or rare diseases for which there are currently no viable options for patients. The Company's approved products include Chenodal®, Thiola® and Vecamyl®, and its pipeline includes compounds for several catastrophic diseases, including focal segmental glomerulosclerosis (FSGS), pantothenate kinase-associated neurodegeneration (PKAN), schizophrenia, infantile spasms, nephrotic syndrome and others. For additional information, please visit www.retrophin.com.
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995, regarding the research, development and commercialization of pharmaceutical products. Without limiting the foregoing, these statements are often identified by the words "may," "might," "believes," "thinks," "anticipates," "plans," "expects," "intends" or similar expressions. No forward-looking statement can be guaranteed. You are cautioned not to place undue reliance on these forward-looking statements as there are important factors that could cause actual results to differ materially from those in forward-looking statements, many of which are beyond our control. The Company undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise. Investors are referred to the full discussion of risks and uncertainties as included in the Company's filings with the Securities and Exchange Commission.