La Jolla Pharmaceutical Co.'s stock is climbing following good news from regulators.
The public company announced Aug. 28 that the U.S. Food and Drug Administration had accepted La Jolla's New Drug Application (NDA), meaning the company is one step closer to bringing its medicine to the market.
The NDA is for La Jolla’s investigational drug called LJPC-501, which is meant to treat low blood pressure in adults who are not responding to fluid and vasopressor therapy. The company scored a classification called “priority review,” which means the FDA will speed through the application’s review process faster than normal. The deadline for the FDA to approve or reject the application is February 28, 2018. If the application is approved, La Jolla can begin selling the drug, making it the first commercial medicine the company has produced.
The company’s stock is up over 10 percent at $32.79 per share by close of market August 28.