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La Jolla Pharmaceutical Company Announces Share Repurchase Plan
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
buyback
Rhea-AI Summary
La Jolla Pharmaceutical Company (Nasdaq: LJPC) has announced a $10 million share repurchase plan for its common stock. This discretionary plan allows for repurchases at any time and can be terminated without notice. CEO Larry Edwards expressed confidence in the company's strategic growth initiatives, supported by a strong balance sheet. The company is known for its innovative therapies targeting life-threatening conditions, including GIAPREZA™ and XERAVA™.
Positive
Commencement of a $10 million share repurchase plan may enhance shareholder value.
CEO expresses confidence in company growth and strategic initiatives.
Negative
None.
WALTHAM, Mass.--(BUSINESS WIRE)--
La Jolla Pharmaceutical Company (Nasdaq: LJPC) today announced that it will commence a share repurchase plan for up to $10 million of the Company’s common stock. Repurchases may be made from time to time at the Company’s discretion. The plan has no time limit and can be discontinued at any time. There can be no assurance as to the timing or number of shares of any repurchases.
“The decision to repurchase shares reflects our confidence in our team and the ability to execute against our strategic initiatives for growth, which is supported by the strength of our balance sheet,” said Larry Edwards, President and Chief Executive Officer of La Jolla.
About La Jolla Pharmaceutical Company
La Jolla Pharmaceutical Company is dedicated to the commercialization of innovative therapies that improve outcomes in patients suffering from life-threatening diseases. GIAPREZA™ (angiotensin II) injection is approved by the FDA as a vasoconstrictor indicated to increase blood pressure in adults with septic or other distributive shock. XERAVA™ (eravacycline) for injection is approved by the FDA as a tetracycline class antibacterial indicated for the treatment of complicated intra-abdominal infections (cIAI) in patients 18 years of age and older. For more information, please visit www.ljpc.com.
Michael Hearne Chief Financial Officer
La Jolla Pharmaceutical Company (617) 715-3598
mhearne@ljpc.com
Source: La Jolla Pharmaceutical Company
FAQ
What is the purpose of La Jolla Pharmaceutical Company's $10 million share repurchase plan?
The share repurchase plan aims to enhance shareholder value and reflects the company's confidence in its growth strategies.
When was the share repurchase plan announced by LJPC?
The share repurchase plan was announced on the date of the press release, which is not specified but aligns with business announcements.
How will the share buyback affect La Jolla Pharmaceutical's stock price?
The buyback could potentially support or increase the stock price by reducing the number of shares in circulation, which may improve earnings per share.
Is there a time limit on La Jolla Pharmaceutical's share repurchase plan?
No, the share repurchase plan has no time limit and can be discontinued at any time.
