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La Jolla Pharmaceutical Q2 net loss $10.7 million

Staff writer ▼ | August 10, 2015
La Jolla Pharmaceutical Company reported its results for the second quarter 2015. As of June 30, 2015, La Jolla had $36 million in cash, compared to $48.6 million as of December 31, 2014.
La Jolla Pharmaceutical
La Jolla Pharmaceutical Company   $36 million in cash
The decrease in cash was primarily due to net cash used for operating activities.

La Jolla’s net cash used for operating activities for the three and six months ended June 30, 2015 was $5.7 million and $11.2 million, respectively, compared to net cash used for operating activities of $2 million and $4.7 million, respectively, for the same periods in 2014.

La Jolla’s net loss for the three and six months ended June 30, 2015 was $10.7 million and $19.6 million, or $0.70 per share and $1.29 per share, respectively, compared to a net loss of $4.3 million and $9.4 million, or $0.53 per share and $1.38 per share, respectively, for the same periods in 2014.

The increases in net cash used for operating activities and net loss in 2015 as compared to 2014 were primarily due to increased clinical development costs associated with the initiation of the ATHOS 3 trial of LJPC-501 in CRH, the Phase 2b clinical trial of GCS-100 in advanced chronic kidney disease, the continuing Phase 1/2 clinical trial of LJPC-501 in hepatorenal syndrome and preclinical costs associated with LJPC-401.

In addition, there were increases in personnel and related costs, which were mainly due to the hiring of additional personnel to support increased development activities, and costs associated with relocating La Jolla’s corporate headquarters in the second quarter of 2015.


 

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