ARTICLE | Financial News
La Jolla raises $50.4 million in follow-on
July 24, 2014 12:58 AM UTC
La Jolla Pharmaceutical Co. (NASDAQ:LJPC) raised $50.4 million through the sale of 4.8 million shares at $10.50 in a follow-on underwritten by Jefferies; Chardan Capital Markets; H.C. Wainwright; LifeSci Capital; and Noble Financial Group. La Jolla proposed the follow-on late Tuesday, when its share price was $10.95.
The company's lead product is GCS-100, a galectin-3 (LGALS3) inhibitor in Phase II testing for chronic kidney disease (CKD). La Jolla gained $7.06 (65%) to $17.96 on March 11 after reporting data from a Phase IIa trial showing GCS-100 met the primary endpoint of improving estimated glomerular filtration rate vs. placebo in CKD patients. ...