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La Jolla Pharmaceutical prices $100.3M common stock offering

La Jolla Pharmaceutical Co. priced an underwritten public offering of 3.4 million shares at $29.50 each to raise $100.3 million in gross proceeds.

The San Diego-based biopharmaceutical company intends to use proceeds from the offering for general corporate purposes, including the continued commercialization of Giapreza, which increases blood pressure in adults with septic shock or other distributive shock, and to finance its ongoing and future studies of LJPC-401, intended to regulate iron levels in the body.

Cowen is the sole book-running manager for the offering, which is expected to close by March 19.

La Jolla granted the underwriter an option to purchase up to an additional 510,000 common shares.