La Jolla Pharmaceutical Company Announces Reduction in Workforce and Evaluates Strategic Options
SAN DIEGO--(BUSINESS WIRE)--Feb 19, 2009 - La Jolla Pharmaceutical Company (Nasdaq: LJPC) today announced that, following the negative results of the Riquent Phase 3 interim efficacy analysis, the Company is taking steps to reduce costs to preserve its remaining cash and other assets, including a substantial reduction in personnel and other operating expenses. In addition to working to maximize the value of the Company's cash and remaining assets, the Company is evaluating strategic options such as winding down the business or the sale of the Company.
"We are very disappointed that the Riquent® program was not successful," said Deirdre Y. Gillespie, M.D., President and CEO of La Jolla Pharmaceutical Company. "Following the receipt of the interim efficacy results, we have undertaken activities to rapidly reduce costs, paring down to the minimum necessary to carry out basic operations and address contractual obligations. Unfortunately, Riquent was our sole significant asset. The only other program in our research pipeline targeted SSAO inhibitors which are at an early preclinical stage and of minimum value."