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La Jolla Pharmaceutical Company Announces Reverse Stock Split

^{Published on 2011-04-13 16:50:17 - Market Wire}
 

SAN DIEGO--([ BUSINESS WIRE ])--La Jolla Pharmaceutical Company (OTCBB:LJPC), a biopharmaceutical company dedicated to improving and preserving human life by acquiring and developing innovative pharmaceutical products, reported today that its Board of Directors approved a 1-for-100 reverse stock split, which will be effected after the close of market on April 14, 2011.

At the Annual meeting of the stockholders held on August 12, 2010, La Jollaa™s stockholders approved a resolution conferring on the Board of Directors the discretionary authority to implement up to two reverse stock splits, each within a range of up to 1-for-100 shares. The reverse split to be effected on April 14, 2011 is being implemented pursuant to this delegation of authority.

The Company has elected to use the Direct Registration System (DRS) for the issuance of post-split shares. As a result, shares of common stock will only be issued in book-entry form and without the need for physical stock certificates. American Stock Transfer & Trust Co., the registrar and transfer agent for the Companya™s common stock, will maintain the book-entry records for La Jollaa™s common stock.

No fractional shares will be issued in connection with the reverse stock split. In lieu of fractional shares, the Company will pay the cash value for the fractional shares that would have been issued in the reverse split. For a 20 trading day period immediately following the reverse split, La Jollaa™s common stock will trade on a post-split basis under the trading symbol "LJPCD" as an interim symbol to denote the reverse split. After this 20 trading day period, La Jollaa™s common stock will resume trading under the symbol "LJPC". In addition, the common stock will also trade under a new CUSIP number effective April 15, 2011.

About La Jolla Pharmaceutical Company

La Jolla Pharmaceutical Company is a biopharmaceutical company focused on the development of a novel class of compounds known as Regenerative Immunophilin Ligands (aRILsa) in the emerging field of regenerative medicine. RILs are small-molecule compounds that may have the potential to promote the regeneration of a wide range of tissues, including complex skin tissue, lung tissue, cardiac muscle, cartilage and bone, following acute injury. Preliminary preclinical experiments indicate that these compounds may induce stem cell-like cells at the site of acute injury, and that these stem cell-like cells then develop into site-specific, fully differentiated cells when cued to do so by local stimuli. La Jolla is developing its lead RIL compound, LJP1485, with an initial focus on scar remodeling. In preliminary preclinical models, LJP1485 has been shown to accelerate healing with functionally normal tissue following a surgical wound, reduce pulmonary fibrosis following lung injury, and promote the regeneration of cardiac tissue following induced myocardial infarction.