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Background
Recent Developments
Background
- A commercial-stage company dedicated to developing/commercializingÂ
innovative therapies that improve outcomes in patients suffering from life-threatening diseases - Commercial asses (approved in the US and EU):Â
- Giapreza= to increase blood pressure caused by septic or other distributive shocks
- Xrava= to treat complicated intra-abdominal infections (cIAI)Â
- Commercial asses (approved in the US and EU):Â
Recent Developments
- Closed the acquisition of Tetraphase Pharmaceuticals (TTPH) and appointed former TTPH CEO Larry Edwards as President and CEO of LJPC; 7/28/20
- Paid $43M + $16M CVR (contingent value rights)
- Of note, board chairman Kevin Tang out-maneuvered and out-bid multiple pharma companies to acquire TTPH suggesting he saw significant value in fusing the two companiesÂ
- Entered into an exclusive licensing agreement with PAION AG for the rights to commercialize Giapreza and Xerava in Europe; UK, and Switzerland;Â 1/12/21
- Received $23M cash upfront and is eligible to receive $110M in milestones plus double-digit tiered royalties
- Reported 4Q20/FY20 earnings; 3/8/21
- 4Q20 net sales= $11M (+57% YoY)
- Â FY20 net sales= $33M (+44% YoY)
- FY20 net loss improved +67% YOY to ($39M) from ($117M)
- Reported 1Q21 earnings; 5/7/21
- 1Q21 net product rev= $8.7M (+13% YoY)
- Pulled $14M in profit thanks to the licensing revenue
- Opex remained flat YoY (down ~10%)
- Modest cash position of $38M as of 3/31/21
- Board chairman Kevin Tang made several significant insider purchases (May-June, 2021)
- Purchased several hundred thousand shares at prices ranging from $3.68-4.52
