SAN DIEGO, CA -- (Marketwired) -- 05/13/13 -- La Jolla Pharmaceutical Company (OTCBB: LJPC) (the "Company" or "La Jolla"), a leader in the development of therapeutics targeting technology/galectins/">galectin proteins, 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
Results of Operations
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.
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