La Jolla Pharmaceutical Company Announces First-Quarter 2013 Financial Results and Highlights Recent Corporate Progress
(firmenpresse) - SAN DIEGO, CA -- (Marketwired) -- 05/13/13 -- (OTCBB: LJPC) (the "Company" or "La Jolla"), a leader in the development of therapeutics targeting , today reported the financial results for the three months ended March 31, 2013 and highlighted recent corporate progress.
"We achieved several critical objectives in the first quarter of 2013, highlighted by the rapid completion of our Phase 1 clinical study of GCS-100 in chronic kidney disease ('CKD') patients," said George Tidmarsh, M.D., Ph.D., La Jolla's President and Chief Executive Officer. "Overall, we have made substantial progress advancing our clinical and pre-clinical programs in a rapid yet cost effective manner."
Reached agreement with FDA on the proposed IND submission for LJPC-501 in hepatorenal syndrome (March 4, 2013)
Started quotation on the OTCBB (April 3, 2013)
Received an "Orphan Drug Designation" for LJPC-6417 from the Food and Drug Administration (April 18, 2013)
Completion of Phase 1 portion of the Phase 1/2 clinical trial with GCS-100 for the treatment of CKD (May 6, 2013)
Phase 1 results of GCS-100 in CKD
Initiation of the Phase 2 portion of the clinical trial of GCS-100 for the treatment in CKD
Filing of an IND with the FDA for LJPC-501
Initiation of a Phase 1 clinical trial with LJPC-501 in HRS
La Jolla's comprehensive net loss attributable to common stockholders for the first quarter of 2013 was $4.3 million, or $0.25 per share, compared to a comprehensive net income attributable to common stockholders of $5.1 million, or $2.44 per share, for the first quarter of 2012. Comprehensive net loss attributable to common stockholders was higher in the first quarter of 2013 primarily due to the impact of stock compensation and personnel expenses, and increased spending on the clinical development of the pipeline.
At March 31, 2013, the Company had $2.7 million in cash, as compared to $3.4 million of cash at December 31, 2012. At March 31, 2013, the Company had positive working capital of $2.5 million, compared to negative working capital of $5.2 million at March 31, 2012. The Company believes that its current cash resources are sufficient to fund planned operations for at least the next 12 months.
GCS-100 is a complex polysaccharide derived from pectin that binds to, and blocks the activity of, galectin-3, a type of galectin. Over-expression of galectin-3 has been implicated in a number of human diseases, including chronic organ failure and cancer. This makes modulation of the activity of galectin-3 an attractive target for therapy in these diseases.
LJPC-501 is a peptide agonist of the renin-angiotensin system that acts to help the kidneys balance body fluids and electrolytes. Studies have shown that LJPC-501 may improve renal function in patients with HRS.
La Jolla Pharmaceutical Company is a biopharmaceutical company focused on the discovery, development and commercialization of innovative therapeutics for chronic organ failure and cancer. GCS-100, the Company's lead product candidate, is a first-in-class inhibitor of galectin-3, a novel molecular target implicated in chronic organ failure and cancer. For more information on the Company please visit .
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This document contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future results of operations. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different from these forward-looking statements. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they were made. Certain of these risks, uncertainties, and other factors are described in greater detail in the Company's filings with the U.S. Securities and Exchange Commission ("SEC"), all of which are available free of charge on the SEC's web site . These risks include, but are not limited to, risks relating to the development of GCS-100 and LJPC-501, the success and timing of future preclinical and clinical studies of these compounds, and potential indications for which GCS-100 and LJPC-501 may be developed. Subsequent written and oral forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by the cautionary statements set forth in the Company's reports filed with the SEC. The Company expressly disclaims any intent to update any forward-looking statements.
George F. Tidmarsh, M.D., Ph.D.
President & Chief Executive Officer
La Jolla Pharmaceutical Company
Phone: (858) 207-4264
Email:
Chester S. Zygmont, III
Director of Finance
La Jolla Pharmaceutical Company
Phone: (858) 207-4262
Email:
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Datum: 13.05.2013 - 20:52 Uhr
Sprache: Deutsch
News-ID 259362
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Health & Nutrition
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