La Jolla Pharmaceutical Company (Nasdaq:LJPC) today announced the
pricing of an underwritten public offering of 15,614,834 units, with
each unit consisting of one share of common stock and a warrant to
purchase 0.25 shares of common stock, at a price to the public of
$1.92125 per unit for gross proceeds of $30 million. The Company expects
that the net offering proceeds, after deducting underwriting discounts
and commissions, will be approximately $28.2 million. The warrants,
which represent the right to acquire a total of 3,903,708 shares of
common stock, will be exercisable at a price of $2.15 per share and have
a five-year term. All of the units are being sold by the Company. The
offering is expected to close on May 12, 2008, subject to customary
closing conditions.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. The offering may be made only by means of a prospectus
supplement and the accompanying prospectuses.
This offering is being made pursuant to two effective shelf registration
statements. UBS Securities LLC and Canaccord Adams Inc. acted as joint
bookrunning managers for the offering. A prospectus supplement and the
accompanying base prospectuses will be filed with the Securities and
Exchange Commission and will be available on the SEC’s
website at www.sec.gov. Copies of the
prospectus supplement and accompanying base prospectuses may be
obtained, when available, upon making a request in writing to UBS
Securities LLC, Prospectus Department, 299 Park Avenue, New York, New
York 10171 or to Canaccord Adams Inc., Equity Capital Markets, 99 High
Street, 11th Floor, Boston, Massachusetts 02110.
This press release contains "forward-looking
statements” within the meaning of federal
securities law. The forward-looking statements in this press release are
subject to numerous risks and uncertainties, including the risk the
offering may not be completed as described herein, or at all.
About La Jolla Pharmaceutical Company
La Jolla Pharmaceutical Company is dedicated to improving and preserving
human life by developing innovative pharmaceutical products. The Company’s
leading product in development is Riquent®,
which is designed to treat lupus renal disease by preventing or delaying
renal flares. Lupus renal disease is a leading cause of sickness and
death in patients with lupus. The Company has also developed potential
small molecule drug candidates to treat various other autoimmune and
inflammatory conditions. The Company’s common
stock is traded on The
Nasdaq Global Market under the symbol LJPC.
