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La Jolla Pharmaceutical Company (Nasdaq: LJPC) reported significant financial results for Q1 2021, achieving total revenue of $34.1 million, up from $7.6 million in Q1 2020. The net income was $14.4 million, or $0.42 per diluted share, contrasting with a net loss of $(8.6) million in the prior year. Notable milestones included a $3 million payment related to XERAVA's NDA submission in China and a $22.5 million upfront payment from PAION for GIAPREZA and XERAVA in Europe. Operating cash flow improved to $17.2 million from $(12.2) million year-over-year.
La Jolla Pharmaceutical Company (Nasdaq: LJPC) announced its financial results for the three and twelve months ended December 31, 2020, highlighting a net loss of $3.5 million for Q4 and $39.4 million for the year, significantly reduced from 2019. Net sales reached $11.0 million for Q4 and $33.4 million for the year, marking increases from $7.3 million and $23.1 million in 2019. The company successfully integrated Tetraphase Pharmaceuticals and aims to grow net sales while managing costs. A licensing agreement with PAION could provide up to $109.5 million in milestone payments.
La Jolla Pharmaceutical Company (Nasdaq: LJPC) has entered into an exclusive licensing agreement with PAION AG for the commercialization of GIAPREZA™ and XERAVA™ in Europe and Switzerland. The deal includes a $22.5 million upfront payment, up to $109.5 million in milestone payments, and tiered royalties on net sales. GIAPREZA is approved for treating refractory hypotension, while XERAVA is indicated for complicated intra-abdominal infections. The partnership aims to enhance patient outcomes and expand La Jolla's market presence in critical care therapeutics.
La Jolla Pharmaceutical Company (Nasdaq: LJPC) reported financial results for Q3 and the nine months ending September 30, 2020. Following the acquisition of Tetraphase Pharmaceuticals on July 28, 2020, La Jolla's net sales for GIAPREZA reached $7.2 million, up 24%, while XERAVA sales hit $2.7 million, up 80%. The company's net loss was $11.8 million, improved from $29.2 million in Q3 2019. Cash used in operations decreased significantly by 48% in Q3 2020. As of September 30, 2020, La Jolla held $27.8 million in cash and equivalents.
La Jolla Pharmaceutical Company (Nasdaq: LJPC) appointed Larry Edwards as President and CEO on July 28, 2020. Edwards, with a strong background in acute-care treatments, aims to enhance patient access to GIAPREZA and XERAVA. GIAPREZA is FDA-approved for increasing blood pressure in adults with septic shock, and XERAVA is FDA-approved for treating complicated intra-abdominal infections. The company continues to focus on innovative therapies for life-threatening diseases, emphasizing its commitment to improving patient outcomes.
La Jolla Pharmaceutical Company (Nasdaq: LJPC) has announced a merger agreement to acquire Tetraphase Pharmaceuticals, Inc. (Nasdaq: TTPH) for $43 million in cash, with potential future payments of up to $16 million based on sales performance of XERAVA. The merger aims to enhance La Jolla's portfolio by adding XERAVA, a treatment for serious infections. The transaction is expected to close in Q3 2020, pending certain conditions. This acquisition strengthens La Jolla's presence in the hospital market with two innovative therapies.
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