Key Developments For La Jolla Pharmaceutical Company
La Jolla Pharmaceutical Company (LJPC.O) (Consolidated Issue listed on NASDAQ Capital Market)
La Jolla Pharmaceutical Co. Axes Plan To Dissolve Company-AP
The Associated Press reported that La Jolla Pharmaceutical Co. said its shareholders did not support a proposal to dissolve the Company, and it will consider other options. La Jolla said it is evaluating its options and will announce future plans after it determines the best way to obtain value for its shareholders. The Company proposed its dissolution in October, but has been unable to get a majority of shareholders to support the idea. It convened several shareholder meetings in November to try to gather the votes, but said 92% of shareholders still had not voted.
La Jolla Pharmaceutical Co. To Seek Stockholders' Approval Of Dissolution-Reuters
Reuters reported that La Jolla Pharmaceutical Co. has called a special meeting of stockholders on October 30. to vote on a plan of the Company's liquidation and dissolution. In a statement, La Jolla Pharmaceutical Co. said it would expect to dissolve shortly after the stockholders' meeting and then commence a liquidation process. The Company said it expects to satisfy remaining debt obligations and distribute between $0.028 and $0.045 per share to holders of about 66 million shares of the common stock.
BioMarin Pharmaceutical, Inc. Reports Less Than 5% Stake In La Jolla Pharmaceutical Co.-DJ
Dow Jones reported that BioMarin Pharmaceutical, Inc. reported holding less than 5% of La Jolla Pharmaceutical Co. BioMarin Pharmaceutical, Inc. last reported a 6.8% stake in La Jolla Pharmaceutical Co. on June 19, according to filings with the Securities and Exchange Commission.
La Jolla Pharmaceutical Co. Cut s75 Jobs, Including CFO-DJ
Dow Jones reported that La Jolla Pharmaceutical Co. said it terminated 75 employees, including Niv E. Caviar, the Company's chief business and financial officer (CFO), in an effort to save money after its attempts to develop a new lupus treatment didn't pan out.
La Jolla Pharmaceutical Co. Announces Reduction In Workforce And Evaluates Strategic Options
La Jolla Pharmaceutical Co. 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.
