La Jolla Pharmaceutical Company (NASDAQ:LJPC), a leader in the development of innovative therapies intended to significantly improve outcomes in patients suffering from life-threatening diseases, today announced the issuance of a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for U.S. patent application number 14/575,127, entitled “Angiotensin II Alone or in Combination for the Treatment of Hypotension,” which covers LJPC-501, La Jolla’s proprietary formulation of angiotensin II for the potential treatment of catecholamine-resistant hypotension (CRH). LJPC-501 is currently the subject of a Phase 3 clinical trial for the treatment of CRH, and results from this trial are expected by the end of 2016.
La Jolla has an exclusive license to this patent application from the George Washington University, and the resulting patent will have a term extending to 2034. This Notice of Allowance concludes substantive examination of the patent application and will result in the issuance of a U.S. patent after administrative processes are completed. Additional claims are being pursued in a continuation application.
“This newly allowed patent covering LJPC-501 is a valuable addition to La Jolla’s intellectual property portfolio,” said George F. Tidmarsh, M.D., Ph.D., President and CEO of La Jolla. “We believe that LJPC-501 has the potential to reverse acute hypotension in critically ill patients and, therefore, provide a significant benefit to patients suffering from CRH.” (Original Source)
Shares of La Jolla Pharmaceutical are currently trading at $32.22, down $1.71 or -5.04%. LJPC has a 1-year high of $44.99 and a 1-year low of $10.95. The stock’s 50-day moving average is $26.80 and its 200-day moving average is $27.69.
On the ratings front, Chardan analyst Gbola Amusa reiterated a Buy rating on LJPC, with a price target of $80, in a report issued on September 8. The current price target implies an upside of 138.5% from current levels. According to TipRanks.com, CFA has a total average return of 9.2%, a 59.7% success rate, and is ranked #446 out of 3649 analysts.
La Jolla Pharmaceutical Co is a biopharmaceutical company focused on the discovery, development and commercialization of therapies intended to significantly improve outcomes in patients suffering from life-threatening diseases.