La Jolla Pharmaceutical Looks at Sale or "Winding Down"
Summary
La Jolla Pharmaceutical Looks at Sale or “Winding Down” Xconomy San Diego — There are not many options remaining for La Jolla Pharmaceutical, (NASDAQ: LJPC) which last week reported the failure of its Riquent drug candidate for treating lupus.In a brief statement, CEO Deirdre Gillespie said Riquent was the San Diego biotech’s sole significant asset.The company says it is taking steps to reduce costs, “including a substantial reduction in personnel.” La Jolla provided no details about the extent of the job cuts, but it reported having 86 full-time employees a year ago, according to its annual report filed with the Securities and Exchange Commission.It is now evaluating strategic options to maximize the value of its assets, “such as winding down the business or the sale of the Company,” according to the statement.La Jolla’s stock collapsed on Feb. 12, falling more than 90 percent after the Riquent failure.