Attached files
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8-K - FORM 8-K - LA JOLLA PHARMACEUTICAL CO | c15068e8vk.htm |
EX-3.2 - EXHIBIT 3.2 - LA JOLLA PHARMACEUTICAL CO | c15068exv3w2.htm |
EX-10.1 - EXHIBIT 10.1 - LA JOLLA PHARMACEUTICAL CO | c15068exv10w1.htm |
EX-3.1 - EXHIBIT 3.1 - LA JOLLA PHARMACEUTICAL CO | c15068exv3w1.htm |
EX-9.1 - EXHIBIT 9.1 - LA JOLLA PHARMACEUTICAL CO | c15068exv9w1.htm |
EX-2.1 - EXHIBIT 2.1 - LA JOLLA PHARMACEUTICAL CO | c15068exv2w1.htm |
Exhibit 99.1
LA JOLLA PHARMACEUTICAL COMPANY TO FOCUS ON REGENERATIVE MEDICINE WITH THE ACQUISITION OF NOVEL CLASS OF COMPOUNDS
Regenerative Immunophilin Ligands May Have Potential in a Broad Range of Indications, Including Scar Remodeling, Pulmonary Fibrosis and Myocardial Infarction
SAN
DIEGO, CA April 5, 2011 La Jolla Pharmaceutical Company (OTCBB: LJPC) (the Company)
today announced that it has acquired the rights to a novel class of compounds known as Regenerative
Immunophilin Ligands (RILs) from privately held GliaMed, Inc. (GliaMed). With this
acquisition, the Company will focus its resources on the emerging field of regenerative medicine.
RILs are small-molecule compounds that, based on preliminary preclinical experiments, may have the
potential to promote the regeneration of a wide range of tissues, including complex skin tissue,
lung tissue, cardiac muscle, cartilage, and bone, following acute injury. Preliminary preclinical
experiments suggest that these compounds may induce stem cell-like cells at the site of acute
injury, and that these stem cell-like cells then develop into site-specific, fully differentiated
cells when cued to do so by local stimuli.
La Jolla
plans to rapidly advance the development of its lead RIL compound, LJP 1485, with an
initial focus on scar remodeling. Preclinical animal models have
suggested that LJP 1485 has the
ability to accelerate healing with functionally normal tissue following a surgical wound, reduce
pulmonary fibrosis following lung injury, and promote the regeneration of cardiac tissue following
induced myocardial infarction. A confirmatory preclinical study is being undertaken and is expected
to complete by the end of the second quarter of 2011.
We are excited to be advancing the development of this novel class of compounds in the field of
regenerative medicine, commented Deirdre Y. Gillespie, M.D., President and Chief Executive Officer
of La Jolla. Our initial focus on scar remodeling is based not
only on LJP 1485s significant
therapeutic potential in this indication, but also on our belief that it will be relatively quick
and straightforward to evaluate clinical proof-of-concept here.
Financial Terms
The RIL technology was acquired pursuant to an asset purchase agreement, under which GliaMed will
be eligible to receive up to 8,205 shares of newly designated Series E Preferred Stock, which would
be convertible into approximately 20% of the Companys fully diluted outstanding common stock on an
as-converted basis. The issuance of the shares will be tied to the achievement of certain
development and regulatory milestones. GliaMed will also be eligible for a potential cash payment
if an RIL compound covered by the agreement is approved by the FDA or EMA in a second clinical
indication.
La
Jollas immediate plan is to conduct a confirmatory preclinical animal study of LJP 1485 that
it expects to complete by the end of the second quarter of 2011. If this study is successful, La
Jolla will receive approximately $7.4 million upon the mandatory exercise of a portion of its
outstanding preferred stock purchase warrants held by existing
investors, and the investors will
then forfeit their currently exercisable right to demand redemption of approximately $5.6 million
of Series C Preferred Stock acquired in May 2010. The proceeds from this warrant exercise,
combined with existing cash resources, are then expected to fund the Companys operations through
the completion of a Phase 2a proof-of-concept clinical study of LJP 1485. If the Phase 2a study
is successful, the balance of the preferred stock purchase warrants will be required to be
exercised at that time, raising an additional $3.2 million.
Additionally, the Company will effect a reverse split of its outstanding common stock, after which the conversion price for the Companys preferred stock may be subject to
adjustment. More information regarding the reverse stock split and the GliaMed acquisition terms
are provided in a Current Report on Form 8-K that the Company will file with the Securities and
Exchange Commission on April 5, 2011.
About La Jolla Pharmaceutical Company
La Jolla Pharmaceutical Company is a biopharmaceutical company focused on the development of a
novel class of compounds known as Regenerative Immunophilin Ligands (RILs) in the emerging field
of regenerative medicine. RILs are small-molecule compounds that may have the potential to promote
the regeneration of a wide range of tissues, including complex skin tissue, lung tissue, cardiac
muscle, cartilage and bone, following acute injury. Preliminary preclinical experiments indicate
that these compounds may induce stem cell-like cells at the site of acute injury, and that these
stem cell-like cells then develop into site-specific, fully differentiated cells when cued to do so
by local stimuli. La Jolla is developing its lead RIL compound, LJP 1485, with an initial focus
on scar remodeling. In preliminary preclinical models, LJP 1485 has been shown to accelerate
healing with functionally normal tissue following a surgical wound, reduce pulmonary fibrosis
following lung injury, and promote the regeneration of cardiac tissue following induced myocardial
infarction.
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 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 Companys filings
from time to time with the SEC, all of which are available free of charge on the SECs web site at
http://www.sec.gov. These risks include, but are not limited to,
risks relating to the development of LJP 1485, the success and timing of future preclinical and clinical studies
of this compound, the exercise of outstanding warrants and potential other indications for which
LJP 1485 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 Companys reports filed with the SEC. The Company expressly
disclaims any intent to update any forward-looking statements.
Company Contact:
Deirdre
Y. Gillespie, M.D.
President & Chief Executive Officer
La Jolla Pharmaceutical Company
858-452-6600
deirdre.gillespie@ljpc.com
President & Chief Executive Officer
La Jolla Pharmaceutical Company
858-452-6600
deirdre.gillespie@ljpc.com