La Jolla Pharmaceuticals Company (NASDAQ: LJPC) was a top gainer in Thursday’s trading session and closed the day with gains of 34.96%. This came after the company announced positive results in the sales of GIAPREZA.
The company announced that, in the quarter that ended on December 31st, 2018, its net sales for GIAPREZA stood at $7.2 million, representing a 71% increase from a similar period in the last financial year. These sales also represented an increase of 26% compared to the previous quarter.
On top of that, the company announced that GIAPREZA shipped to hospitals from distributors increased by 74% in the quarter that ended on the 31st of December 2019. Net sales of GIAPREZA in 2019 as of 31st December 2019 stood at $23.1 million. This represented an increase of 129% compared to 2018. The company officially started selling this product in March 2018.
The company also announced that, it had cash and cash equivalents of $87.8 million in the quarter that ended on the 31st of December 2019. This is lower than the cash and cash equivalents that it had the previous quarter. The company has no debt and net cash from operations in the quarter stood at $17 million.
GIAPREZA is the company’s FDA approved vasoconstrictor. It was approved in December 2019 and is indicated to increase blood pressure in adults suffering from septic and other distributive shocks. In August 2019, the treatment got another boost after it was approved by the European Commission for treating refractory hypertension in people suffering from septic and other distributive shocks, even after getting high volumes of catecholamines among other therapies.
From its price action, LJPC is gaining upside momentum. In Yesterday’s session, the stock opened at $4.21 and traded between a low of $4.08 and a high of $5.35 before closing the day at $5.25. Volumes in the day stood at 4.89 million.
About La Jolla Pharmaceutical Company
La Jolla Pharmaceutical Company is a biopharma company that develops and sells treatments for life-threatening diseases. It is based in San Diego, California.