SAN DIEGO, CA -- (Marketwire) -- 04/01/13 -- La Jolla Pharmaceutical Company (OTCQB: LJPC) (the "Company" or "La Jolla"), a leader in the development of therapeutics targeting galectin-3, announced fourth-quarter and full-year 2012 financial results and highlighted recent corporate progress.
"We achieved several critical objectives in 2012, highlighted by the acceptance by the FDA of our IND for GCS-100, which included a clinical trial protocol designed to study GCS-100 in patients with CKD," said George Tidmarsh, M.D., Ph.D., La Jolla's President and Chief Executive Officer. "We have continued to build off this momentum in 2013 by initiating a Phase 1/2 clinical trial in patients with CKD and announcing a new pipeline product, LJPC-501."
•On December 5, 2012, the Company announced that it had received acceptance from the U.S. Food and Drug Administration ("FDA") of its Investigational New Drug Application ("IND") for GCS-100. •On December 17, 2012, the Company announced the results of a preclinical study that examined the effect of GCS-100 on liver fibrosis in mice. •On January 14, 2013, the Company announced the appointment of Stacey Ruiz, Ph.D. as Director of Research and Development, and Chester S. Zygmont, III as Director of Finance. •On January 28, 2013, the Company announced the dosing of the first patient in the Company's Phase 1/2 clinical trial with GCS-100 for the treatment of chronic kidney disease ("CKD"). •On March 4, 2013, the Company announced a new pipeline product, LJPC-501, for the treatment of hepatorenal syndrome ("HRS").
•Completion of the Phase 1 portion of the ongoing clinical trial with GCS-100 for the treatment of CKD, which the Company expects to occur during the second quarter of 2013. •Initiation of the Phase 2 portion of the clinical trial with GCS-100 for the treatment of CKD, which the Company expects to occur during the second quarter 2013. •Filing of an IND with the FDA for LJPC-501, which the Company expects to occur in the third quarter of 2013. •Initiation of a Phase 1 clinical trial with LJPC-501 in HRS, which the Company expects to occur by the end of 2013.
Results of Operations
La Jolla's comprehensive net loss attributable to common stockholders for the fourth quarter of 2012 was $3.6 million, or $0.26 per share, compared to a comprehensive net loss attributable to common stockholders of $13.5 million, or $16.92 per share, for the fourth quarter of 2011. Comprehensive net loss attributable to common stockholders was lower in the fourth quarter of 2012 primarily due to the impact of derivative liabilities. Comprehensive net loss attributable to common stockholders for fiscal year 2012 was $8.5 million, or $0.84 per share, compared to $11.7 million, or $31.59 per share, for 2011.
At December 31, 2012, the Company had $3.4 million in cash, as compared to $5.0 million of cash at December 31, 2011. At December 31, 2012, the Company had positive working capital of $3.2 million, compared to negative working capital of $10.4 million at December 31, 2011. The Company believes that its current cash resources are sufficient to fund planned operations for at least the next 12 months.
Most Popular Stories
- SpaceX's Satellite Launch Is 'Game-Changer'
- Reid Confident Congress to Pass Immigration Bill
- Maui Visitor Killed in Shark Attack
- Donors Abandon GOP Over Gun Stance
- Mexico: 'Extremely Dangerous' Radioactive Material Stolen
- CEOs More Optimistic About Economy, Hiring
- Climate Change Early Warning System Urged
- Private Sector Employment Surges by 215,000 Jobs
- Calif. Likes Christie, Says Tea Party's a Drag
- Newtown 911 Tapes Being Released Today