La Jolla Pharmaceutical Company (LJPC), a company that develops therapies intended to significantly improve outcomes in patients suffering from life-threatening diseases, said late Wednesday that it has commenced a registered offering of $100.0 million of its shares of common stock. In addition,
La Jolla has granted the underwriter a 30-day option to purchase up to $15.0 million of its shares of common stock. All of the shares to be sold in the public offering are being offered by La Jolla.
The company intends to use the proceeds from the proposed sale of its shares of common stock for general corporate purposes, which include, but are not limited to, the continued commercialization of Giapreza (angiotensin II), funding its ongoing and future clinical trials of LJPC-401, preclinical development work and other administrative expenses.
Shares fell more than 2% in the after hours session.