QualityStocks
would like to highlight La Jolla Pharmaceutical Company (OTCBB: LJPC), a
biopharmaceutical company dedicated to the development of treatments that
significantly improve outcomes in patients with life-threatening diseases.
GCS-100, the company’s product candidate, is a first-in-class inhibitor of
galectin-3, a novel molecular target implicated in cancer and chronic organ
failure. In the
company’s news Friday, La Jolla
Pharmaceutical Company announced that it has acquired global development and
commercialization rights to GCS-100, a novel therapeutic, from privately held
Solana Therapeutics, Inc. (“Solana”). GCS-100 is a first-in-class inhibitor of
galectin-3, a novel molecular target implicated in cancer and chronic organ
failure.
In connection
with the acquisition, George F. Tidmarsh, M.D., Ph.D., the former Chief
Executive Officer of Solana, was appointed as the Company’s President and Chief
Executive Officer. “Having been involved in the clinical development of GCS-100
over the past several years, I am thrilled to have the opportunity to continue
this compound’s development in the context of La Jolla,” commented Dr.
Tidmarsh. "Targeting galectin-3 holds great promise in the treatment of a
broad range of life-threatening conditions, and, with GCS-100, we have the most
advanced galectin-3-targeting compound in development."
Galectin-3
plays a key role in the immune system’s response to cancer and tissue injury,
making specific inhibitors of galectin-3 attractive therapeutic candidates for
a wide range of life-threatening diseases, including cancer, heart failure,
kidney disease, pulmonary fibrosis and liver fibrosis. For example, encouraging
work conducted by investigators at the Ludwig Cancer Institute has shown that
galectin-3 inhibits the activity of cancer-killing T-cells, and that
pharmacologically blocking galectin-3 with GCS-100 reactivates these T-cells.
In addition, a number of independent, academic studies have concluded that galectin-3 is a mediator of fibrosis (scar formation) after heart, kidney, lung and liver injury. These include studies conducted by investigators at leading institutions such as Massachusetts General Hospital and The Cleveland Clinic demonstrating that elevated galectin-3 levels in blood following myocardial infarction (heart attack) represent a powerful predictor of adverse clinical outcomes for patients.
GCS-100’s
ongoing development as an anti-cancer and anti-fibrotic agent is supported by
extensive preclinical and clinical investigation, including Phase 1 and Phase 2
clinical trials involving more than 140 patients. Experimental results to date
indicate that GCS-100:
•Specifically inhibits galectin-3 in immune cells isolated from patients
•Confers anti-cancer activity in patients with several tumor types;
•Exhibits
effects on the immune system in patients consistent with its galectin-3
inhibitory mechanism; and is safe and
well tolerated at doses that confer clinical activity.
Dr. Tidmarsh's 22 years of experience in
biotechnology include the successful clinical development of three FDA-approved
drugs. Up until his appointment to La Jolla, Dr. Tidmarsh served as the Chief
Executive Officer of Solana Therapeutics, Inc. Previously, he served as the
Chief Executive Officer of Horizon Pharma, Inc. (NASDAQ: HZNP - News), a
company he founded in 2005. While at Horizon, he led all aspects of development
of Duexa, which was recently approved by the FDA for the treatment of rheumatoid
arthritis. He also founded Threshold Pharmaceuticals, Inc. (NASDAQ: THLD -
News) and held senior positions at Coulter Pharmaceutical, Inc. [acquired by
GlaxoSmithKline (NYSE: GSK - News)] and SEQUUS Pharmaceuticals, Inc. [acquired
by Johnson & Johnson (NYSE: JNJ - News)]. While at Coulter and SEQUUS, Dr.
Tidmarsh led the clinical development of BEXXAR and Doxil, respectively, two
FDA-approved anti-cancer agents. Dr. Tidmarsh received his M.D. and Ph.D. from
Stanford University, where he also completed fellowship training in Pediatric
Oncology and Neonatology and remains a Consulting Professor of Pediatrics and
Neonatology.
In connection
with this acquisition, Saiid Zarrabian was appointed as an independent director
of the Company. Mr. Zarrabian has broad operational experience in the
biotechnology and life sciences tools industries. He currently serves as
President and Chief Executive Officer of Cyntellect, Inc., a life sciences
instrumentation provider. Previously, Mr. Zarrabian was President and Chief Operating
Officer of Senomyx, Inc. (NASDAQ: SNMX - News), a biotechnology company that
develops novel flavor ingredients. Prior to Senomyx, he was Chief Operating
Officer of Pharmacopeia, Inc., a drug discovery company that was acquired by
Ligand Pharmaceuticals, Inc. (NASDAQ: LGND - News), and President of
Pharmacopeia’s MSI division, a leading scientific enterprise R&D software
provider that is now part of Accelrys, Inc. (NASDAQ: ACCL - News). Mr.
Zarrabian has served as a director of two biopharmaceutical companies: Ambit
Biosciences Corporation and Penwest Pharmaceuticals Co. [acquired by Endo
Pharmaceuticals (NASDAQ: ENDP - News)].
Also in
connection with the acquisition, the former members of the management team,
Deirdre Y. Gillespie, M.D., President and Chief Executive Officer, and Gail A.
Sloan, CPA, Chief Financial Officer, and the former members of the Board of
Directors, Robert A. Fildes, Ph.D., Chairman, Bertrand C. Liang, M.D., Ph.D.,
and Deirdre Y. Gillespie, M.D., have resigned. the holders
of the Company’s preferred stock entered into a consent and amendment agreement
with the Company, whereby such holders approved the strategic transaction to
acquire GCS-100, and certain terms of the preferred stock were amended.
Additionally, the Company will effect a reverse split of its outstanding common
stock, after which the conversion price for the Company’s preferred stock may
be subject to adjustment. More information regarding the preferred stock
consent and amendment agreement, the reverse stock split, the acquisition of
GCS-100, and changes to the Company’s leadership are provided in a Current
Report on Form 8-K that the Company will file with the Securities and Exchange
Commission on January 20, 2012.
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Forward-Looking Statement:
This release
may contain forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. All forward-looking statements are inherently
uncertain as they are based on current expectations and assumptions concerning
future events or future performance of the company. Readers are cautioned not
to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties
applicable to the company and its business could cause the company's actual
results to differ materially from those indicated in any forward-looking
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