Thursday, October 15, 2009
La Jolla Pharmaceuticals Looks To Dissolve Firm
San Diego-based La Jolla Pharmaceutical Company, a publicly traded biopharmaceuticals firm, reported this morning that its stockholders are set to vote on a liquidation plan for the company. The firm said it is looking to fully dissolve the company, paying off its creditors and distributing any remaining cash. The company said it had cash, net of liabilities and obligations, of approximately $4.4M. La Jolla Pharmaceuticals has been winding down its operations since February, after a failure in its Phase 3 trials. That failure resulted in the layoff of nearly all of the firm's staff, and an unsuccessful effort to sell the firm. La Jolla Pharmaceutical had been focused on treatments for treating lupus renal disease, by preventing or delaying renal flares, the leading cause of sickness and death of lupus patients.