La Jolla Pharma up on international patent grants
Shares of La Jolla Pharmaceutical Co. (Nasdaq: LJPC) got a boost this morning after the San Diego-based biopharmaceutical company announced it got patent approval covering its lupus drug candidate, Riquent, in Europe and in the People’s Republic of China.
The news is significant in terms of commercial potential for the treatment, according to La Jolla President and CEO Dr. Deirdre Y. Gillespie, because Europe, China and the United States are the world’s largest lupus markets.
The patent grants should also help the company in its talks with potential commercial partners concerning Riquent.
La Jolla Pharmaceuticals has seven issued patents related to Riquent and 12 patent applications pending in the United States. The issued patents also cover the DNA, linkers and platforms that make up Riquent, as well as methods of synthesis and methods of treatment.
In addition to the United States, Europe and China, patents related to Riquent have been issued or are pending in Japan, Canada, Australia, Finland, Korea, Norway, Portugal, and Ireland.
Riquent is currently in late stage development for the treatment of renal flares in lupus patients. The company’s ongoing pivotal phase III trial is expected to be fully enrolled by the end of 2007
On April 10, A.G. Edwards initiated coverage of La Jolla Pharmaceutical with a “buy” rating and set a share price objective of $11. Shares of La Jolla Pharmaceutical reached a new 52-week-high of $8.68 that day on the news (see New "Buy" rating gives La Jolla Pharmaceutical a boost, April 10).
This morning, La Jolla Pharmaceutical’s shares were up $0.08, or 1.2%, to $6.72 by 10:36 am ET. Its 52-week-low of $2.77 was established on Dec. 22.
