California | 1-36282 | 33-0361285 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
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Exhibit No. | Description | |
99.1 | Earnings Press Release dated April 27, 2017. |
La Jolla Pharmaceutical Company | ||
Date: | May 1, 2017 | /s/ Dennis M. Mulroy |
Dennis M. Mulroy | ||
Chief Financial Officer |
• | In February 2017, La Jolla reported positive top-line results from the ATHOS-3 (Angiotensin II for the Treatment of High-Output Shock) Phase 3 study of LJPC-501 in patients with catecholamine resistant hypotension (CRH). The analysis of the primary efficacy endpoint, defined as the percentage of patients achieving a pre-specified target blood pressure response, was highly statistically significant: 23% of the 158 placebo-treated patients had a blood pressure response compared to 70% of the 163 LJPC-501-treated patients (p<0.00001). In addition, a trend toward longer survival was observed: 22% reduction in mortality risk through day 28 [hazard ratio=0.78 (0.57-1.07), p=0.12] for LJPC-501-treated patients. In this critically ill patient population: 92% of placebo-treated patients compared to 87% of LJPC-501-treated patients experienced at least one adverse event, and 22% of placebo-treated patients compared to 14% of LJPC-501-treated patients discontinued treatment due to an adverse event. La Jolla plans to present and publish detailed results from ATHOS-3 later this year. |
• | In March 2017, La Jolla completed a common stock offering and received proceeds of approximately $117.5 million, net of issuance costs. |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Revenue | |||||||
Contract revenue - related party | $ | — | $ | 234 | |||
Total revenue | — | 234 | |||||
Expenses | |||||||
Research and development | 17,765 | 12,715 | |||||
General and administrative | 5,503 | 4,053 | |||||
Total expenses | 23,268 | 16,768 | |||||
Loss from operations | (23,268 | ) | (16,534 | ) | |||
Other income, net | 28 | 53 | |||||
Net loss | $ | (23,240 | ) | $ | (16,481 | ) | |
Basic and diluted net loss per share | $ | (1.26 | ) | $ | (0.96 | ) | |
Weighted average common shares outstanding - basic and diluted | 18,410 | 17,210 |
March 31, 2017 | December 31, 2016 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 162,382 | $ | 65,726 | |||
Restricted cash | 304 | 200 | |||||
Prepaid expenses and other current assets | 1,687 | 1,505 | |||||
Total current assets | 164,373 | 67,431 | |||||
Property and equipment, net | 3,614 | 3,145 | |||||
Other assets | 20 | 219 | |||||
Total assets | $ | 168,007 | $ | 70,795 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 4,173 | $ | 6,652 | |||
Accrued clinical and other expenses | 590 | 1,029 | |||||
Accrued payroll and related expenses | 910 | 2,077 | |||||
Total current liabilities | 5,673 | 9,758 | |||||
Shareholders’ equity: | |||||||
Common Stock, $0.0001 par value; 100,000,000 shares authorized, 22,123,456 and 18,261,557 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 2 | 2 | |||||
Series C-12 Convertible Preferred Stock, $0.0001 par value; 11,000 shares authorized, 3,906 shares issued and outstanding at March 31, 2017 and December 31, 2016, and liquidation preference of $3,906 at March 31, 2017 and December 31, 2016 | 3,906 | 3,906 | |||||
Series F Convertible Preferred Stock, $0.0001 par value; 10,000 shares authorized, 2,737 shares issued and outstanding at March 31, 2017 and December 31, 2016, and liquidation preference of $2,737 at March 31, 2017 and December 31, 2016 | 2,737 | 2,737 | |||||
Additional paid-in capital | 785,640 | 661,103 | |||||
Accumulated deficit | (629,951 | ) | (606,711 | ) | |||
Total shareholders’ equity | 162,334 | 61,037 | |||||
Total liabilities and shareholders’ equity | $ | 168,007 | $ | 70,795 |