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La Jolla Pharmaceutical : Posts Second Quarter and Year-to- Date 2014 Financial Results

08/21/2014 | 12:47am US/Eastern
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La Jolla reported second quarter and year-to-date 2014 financial results and highlighted recent corporate progress.

In its release on August 14, the Company noted report details:

Recent Corporate Highlights

-On July 28, La Jolla closed an underwritten public offering of approximately 5.4 million shares of common stock, which includes a portion of the overallotment option, at a public offering price of $10.50 per share. The Company received total net proceeds of approximately $53.1 million.

-On July 15, La Jolla announced positive data from a preclinical study of LJPC-1010, its oral galectin-3 inhibitor, in the treatment of nonalcoholic steatohepatitis (NASH).

-On July 8, La Jolla announced that it plans to initiate a Phase 3 registration program with LJPC-501 in the treatment of catecholamine-resistant hypotension (CRH).

-On June 27, La Jolla joined the Russell Microcap Index, as a result of the annual Russell Index Reconstitution.

-On June 4, La Jolla announced the completion of enrollment of its Phase 2 extension trial of GCS-100 in Chronic Kidney Disease (CKD).

"We have had a very exciting year so far, highlighted by the announcement of our plans for our LJPC-501 Phase 3 registration program, the positive top-line results from our Phase 2 clinical trial of GCS-100 in severe CKD and the close of our recent financing," said George Tidmarsh, M.D., Ph.D., La Jolla's President and Chief Executive Officer. "During the second half of 2014, we plan to move our new LJPC-501 CRH Phase 3 program forward, continue the progress of our GCS-100 CKD program and advance our other new programs."

Results of Operations

At June 30, La Jolla had $3.9 million in cash, as compared to $8.6 million in cash at December 31, 2013. As of August 1, La Jolla had approximately $56.6 million in cash, which includes the net proceeds of the public offering of common stock, which closed on July 28.

La Jolla's comprehensive net loss attributable to common shareholders for the three and six months ended June 30, was $4.3 million and $9.4 million, or $0.63 per share and $1.16 per share, respectively, compared to a comprehensive net loss attributable to common shareholders of $3.7 million and $7.9 million, or $6.77 per share and $17.57 per share, respectively, for the same periods in 2013.

The increase in comprehensive net loss attributable to common shareholders was primarily due to increases in research and development expenses related to the GCS-100 Phase 2 program in the treatment of CKD, as well as preclinical work on LJPC-1010 and LJPC- 401.

La Jolla Pharmaceutical Company is a biopharmaceutical company.

More information and complete details:

www.ljpc.com

((Comments on this story may be sent to newsdesk@closeupmedia.com))

(c) 2014 ProQuest Information and Learning Company; All Rights Reserved.

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