La Jolla Pharma to be delisted after merger flop

La Jolla Pharmaceutical is running out of options.

Few shareholders bothered to even respond to its latest effort at a merger, and now the one-time high flyer says that its shares will be delisted from Nasdaq tomorrow. Its stock slid 5 cents this morning, chopping off 31 percent of its value as it slid to 11 cents a share. After today the company says its shares will be traded over the counter.

In a release, the company said that it wouldn't mount any new attempt to merge with Adamis. La Jolla suspended its work on Riquent a year ago. Nasdaq's move was triggered by its determination that the developer's nominal assets, aside from cash, and nominal operations qualified it as a 'public shell.'

- see La Jolla's release
- here's the AP report

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