Retrophin Set To Surge After Halt Lifted

Retrophin (NASDAQ: RTRX) looks to be one of the largest gainers of the day after several critical announcements after the close Thursday.

Most importantly, the company announced a massive guidance increase as the company adds and FDA approved product to its portfolio. Full year 2014 revenue is expected to fall in the range of $30 million to $35 million, up from the previous estimate of $20 million to $22 million. The analyst consensus has been just $20 million.

Even more impressive is the guidance increase for 2015. Revenue is expected to range from $60 million to $70 million, 68.83 percent higher than the company’s previous estimate. Earnings for the quarter are expected to range from $0.75 to $1.25 per share.

Related: Retrophin Catches Eye: Stock Moves 7.9% Higher

Second most important is a $40 million senior secured loan and $40 million of 4.5 percent of senior convertible notes. The conversion rate is 57.43 shares per $1,000 of principal ($17.41 conversion price).

The press release states that the funds will be used to move forward with acquisitions.

Lastly, Retrophin has entered an agreement with Mission Pharmacal Company. Under the agreement Mission will market the company’s Thiola drug. "Thiola marks Retrophin’s first deployment of a salesforce, and the relationships we build with nephrologists will help as we prepare for the potential approval of sparsentan and RE-034. With the addition of this new product, we are increasing our financial guidance,” said CEO Martin Shkreli.

Shares are still halted.