jazz-pharma-logo.jpgJazz Pharmaceuticals, a Palo Alto, Calif. drug company that launched four years ago, and raised an eye-popping $250 million to buy existing drug products from other companies, has just upgraded its IPO plans to raise up to $179 million.

Talk about financial engineering. David Hamilton has the latest, over at VentureBeat Life Sciences.

It had a $78 million operating loss last year, and continues to burn cash at a prodigious rate — $19.4 million in the first quarter alone. As of March 31, Jazz had racked up cumulative net losses of $213.4 million.

But when the stock market is hot, it’s best not to wait.