La Jolla Pharmaceutical Co – announced its intention to offer and sell $100 million of its common stock in an underwritten public offering.
The company explained in a statement. that the net proceeds of the selling will be used for future clinical trials of its drug candidates and also to cover expenses related to potential approval of LJPC-501, that reported postivie result in Phase 3 trial, for treatment of catecholamine resistant hypotension.
La Jolla Pharmaceutical Co has then in the pipleline also LJPC-401, a proprietary formulation of hepcidin, a hormone that regulates iron metabolism and will aim to cure diseases involving retention of excess iron as for example hereditary hemochromatosis, beta thalassemia, sickle cell disease and myelodysplastic syndrome.
LJPC-30S, is being developed for serious bacterial infections and certain rare genetic diseases, such as cystic fibrosis and Duchenne muscular dystrophy.
.Source: The San Diego Union Tribune