La Jolla Pharmaceutical Co., a developer of therapeutics targeting unmet life-threatening diseases, announced a price of $10.50 per share for a planned underwritten stock offering of 4.8 million shares of common stock.
La Jolla (Nasdaq: LJPC) has granted the underwriters a 30-day option to buy up to an additional 720,000 shares of common stock. The offering is expected to close on or about July 28, according to the company.
Jefferies LLC is acting as sole book-runner for the offering. Chardan Capital Markets LLC, H.C. Wainwright & Co. LLC, LifeSci Capital LLC and Noble Financial Group Inc. are acting as co-managers for the offering, La Jolla said.
Gross proceeds will be $50.4 million. The company said it intends to use the net proceeds for general corporate purposes, including ongoing and future clinical trials, and general and administrative expenses.
George Tidmarsh is the president and CEO of La Jolla Pharmaceutical.