SAN DIEGO, CA--(Marketwire - December 10, 2012) - La Jolla Pharmaceutical Company (OTCQB: LJPC) ("La Jolla" or the "Company"), a leader in the development of therapeutics that target galectin-3, announced today that the Company and the holders of its preferred stock have entered into a consent and waiver agreement that released $2.9 million of previously restricted cash to the Company to fund operations. The holders of the Company's Preferred Stock also waived the right to redeem their preferred stock on January 20, 2013. More information regarding the consent and wavier agreement are provided in a Current Report on Form 8-K that the Company filed with the Securities and Exchange Commission on December 10, 2012.
"This financing is an important milestone for La Jolla. We thank our investors for their confidence in our team and the program we have planned for GCS-100," said George Tidmarsh, M.D., Ph.D., La Jolla's President and Chief Executive Officer. "This furthers our efforts to one day bring relief to patients suffering from chronic kidney disease and other life-threatening conditions."
Proceeds from the financing will be used for a planned clinical trial of GCS-100 in chronic kidney disease, as well as general corporate expenses.
About La Jolla Pharmaceutical Company
La Jolla Pharmaceutical Company is a biopharmaceutical company dedicated to the development of medical treatments that significantly improve outcomes in patients with life-threatening diseases. GCS-100, the Company's lead product candidate, is a first-in-class inhibitor of galectin-3, a novel molecular target implicated in chronic organ failure and cancer. For more information on the Company please visit http://www.ljpc.com.
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 Company's filings from time to time with the U.S. Securities and Exchange Commission (SEC), all of which are available free of charge on the SEC's web site at http://www.sec.gov. These risks include, but are not limited to, risks relating to the development of GCS-100, the success and timing of future preclinical and clinical studies of this compound, and potential indications for which GCS-100 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 Company's reports filed with the SEC. The Company expressly disclaims any intent to update any forward-looking statements.