La Jolla Pharmaceutical Company (NASDAQ: LJPC) (the Company or
La Jolla), a leader in the development of innovative therapies
intended to significantly improve outcomes in patients suffering
from life-threatening diseases, today reported financial results
for the three and six months ended June 30, 2016.
Results of Operations
As of June 30, 2016, La Jolla had $100.6 million in cash and
cash equivalents, compared to $126.5 million as of December 31,
2015. The decrease in cash and cash equivalents was primarily due
to net cash used for operating activities. Based on current
operating plans and projections, La Jolla believes that its current
cash and cash equivalents are sufficient to fund operations into
2018.
La Jolla’s net cash used for operating activities for the six
months ended June 30, 2016 was $25.1 million, compared to net cash
used for operating activities of $11.2 million for the same period
in 2015. La Jolla’s net loss for the three and six months ended
June 30, 2016 was $15.6 million and $32.0 million, or $0.90 per
share and $1.86 per share, respectively, compared to a net loss of
$10.7 million and $19.6 million, or $0.70 per share and $1.29 per
share, respectively, for the same periods in 2015. During the three
and six months ended June 30, 2016, La Jolla recognized contract
revenue of approximately $0.3 million and $0.5 million,
respectively. The net loss includes non-cash, share-based
compensation expense of $3.3 million and $7.0 for the three and six
months ended June 30, 2016, respectively, compared to $3.9 million
and $7.3 million, respectively, for the same periods in 2015.
The increases in net cash used for operating activities and net
loss in the 2016 periods as compared to the 2015 periods were
primarily due to increased development costs associated with our
ATHOS 3 Phase 3 trial of LJPC-501 in patients with
catecholamine-resistant hypotension and our Phase 1 trial of
LJPC-401 in patients with iron overload. There also were increases
in personnel and facility costs associated with the support of
these increased development activities.
“The first half of 2016 was a productive period for La Jolla,
highlighted by the continued enrollment of our ATHOS 3 Phase 3
trial of LJPC-501 and encouraging interim data from our Phase 1
trial of LJPC-401,” said George Tidmarsh, M.D., Ph.D., La Jolla’s
President and Chief Executive Officer. “Catecholamine-resistant
hypotension and iron overload remain significant unmet medical
needs, and we remain dedicated to bringing our potentially
important therapies to patients as expeditiously as possible. We
plan to report results from our Phase 1 trial of LJPC-401 in
September 2016 and from our ATHOS 3 Phase 3 trial of LJPC-501 in
the first quarter of 2017.”
About La Jolla Pharmaceutical Company
La Jolla Pharmaceutical Company is a biopharmaceutical company
focused on the discovery, development and commercialization of
innovative therapies intended to significantly improve outcomes in
patients suffering from life-threatening diseases. The Company has
several product candidates in development. LJPC-501 is La Jolla’s
proprietary formulation of angiotensin II for the potential
treatment of catecholamine-resistant hypotension. LJPC-401 is La
Jolla’s novel formulation of hepcidin for the potential treatment
of conditions characterized by iron overload, such as hereditary
hemochromatosis, beta thalassemia, sickle cell disease and
myelodysplastic syndrome. LJPC-30S is our next-generation
gentamicin derivative program that is focused on therapeutics for
the potential treatment of serious bacterial infections as well as
rare genetic disorders, such as cystic fibrosis and Duchenne
muscular dystrophy. For more information on La Jolla, please visit
www.ljpc.com.
Forward Looking Statement Safe Harbor
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 the Company’s 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 www.sec.gov. These risks include, but
are not limited to, risks relating to: the timing for commencement
of clinical studies, the anticipated timing for completion of such
studies, and the anticipated timing for regulatory actions; the
success of future development activities; potential indications for
which the Company’s product candidates may be developed; and the
expected duration over which the Company’s cash balances will fund
its operations. 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.
LA JOLLA PHARMACEUTICAL COMPANY
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share
amounts)
Three Months Ended June 30, Six Months
Ended June 30, 2016 2015
2016 2015 Revenue Contract revenue -
related party $ 253 $ — $ 487 $ — Total
revenue 253 — 487 —
Expenses
Research and development 12,404 6,686 25,119 11,856 General and
administrative 3,466 3,972 7,519 7,769
Total expenses 15,870 10,658 32,638 19,625
Loss from operations (15,617 ) (10,658 ) (32,151 ) (19,625 )
Other income, net 51 8 104 20
Net
loss $ (15,566 ) $ (10,650
) $ (32,047 ) $ (19,605
) Basic and diluted net loss per share $
(0.90 ) $ (0.70 ) $
(1.86 ) $ (1.29 ) Shares used in
computing basic and diluted net loss per share 17,211 15,251
17,211 15,246
LA JOLLA
PHARMACEUTICAL COMPANY Condensed Consolidated Balance
Sheets
(in thousands, except share and par value
amounts)
June 30, 2016 December 31,
2015 (Unaudited) ASSETS Current assets: Cash
and cash equivalents $ 100,557 $ 126,467 Restricted cash 200 237
Prepaid clinical expenses 187 223 Prepaid expenses and other
current assets 1,356 618 Total current assets 102,300
127,545 Property and equipment, net 2,257 1,732 Other assets 217
70
Total assets $ 104,774
$ 129,347 LIABILITIES AND
SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $
2,256 $ 2,506 Accrued expenses 2,112 1,224 Accrued payroll and
related expenses 795 1,090 Total current liabilities
5,163 4,820 Shareholders’ equity: Common Stock,
$0.0001 par value; 100,000,000 shares authorized, 18,254,009 and
18,244,009 shares issued and outstanding at June 30, 2016 and
December 31, 2015, respectively 2 2 Series C-12 Convertible
Preferred Stock, $0.0001 par value; 11,000 shares authorized, 3,906
shares issued and outstanding at June 30, 2016 and December 31,
2015, and liquidation preference of $3,906 at June 30, 2016 and
December 31, 2015 3,906 3,906 Series F Convertible Preferred Stock,
$0.0001 par value; 10,000 shares authorized, 2,737 shares issued
and outstanding at June 30, 2016 and December 31, 2015, and
liquidation preference of $2,737 at June 30, 2016 and December 31,
2015 2,737 2,737 Additional paid-in capital 653,539 646,408
Accumulated deficit (560,573 ) (528,526 ) Total shareholders’
equity 99,611 124,527
Total liabilities and
shareholders’ equity $ 104,774 $
129,347
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160808006250/en/
La Jolla Pharmaceutical CompanyGeorge F. Tidmarsh, M.D.,
Ph.D.President & Chief Executive
Officer858-207-4264gtidmarsh@ljpc.comorDennis M. MulroyChief
Financial Officer858-433-6839dmulroy@ljpc.com
La Jolla Pharmaceutical (NASDAQ:LJPC)
Historical Stock Chart
From Apr 2024 to May 2024
La Jolla Pharmaceutical (NASDAQ:LJPC)
Historical Stock Chart
From May 2023 to May 2024