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BREAKING- La Jolla Pharma Pops on Rumors of Drug Approval

Shares of La Jolla Pharmaceutical Co. (OTC: LJPC) are up more than 5 percent after rumors that its drug, Allopregnanolone, received Orphan drug status from the FDA.

Orphan drug status was created in 1983 to encourage drug companies to develop treatments for rare diseases. Companies are given tax breaks, exclusive rights, and a seven year patent. Allopregnanolone is being studied for the treatment of Alzheimer’s disease.

[stock-tools exchange="OTC" symbol="LJPC" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

 

 

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