La Jolla Pharmaceutical Plans Liquidation

Denise Gellene8/3/09

San Diego’s La Jolla Pharmaceuticals (NASDAQ:LJPC) plans to ask shareholders to approve a liquidation plan at a not-yet-scheduled special shareholders meeting, according to a recent SEC filing. The company says it has discharged substantially all of its obligations to creditors and is working to satisfy those that remain. Separately last week, the company disclosed that it settled a lawsuit with former partner BioMarin Pharmaceuticals (NASDAQ:BMRN) of Novato, CA. BioMarin had marketing rights to La Jolla’s only experimental drug, but abetimus sodium (Riquent) failed in a late-stage trial.

Denise Gellene is a former Los Angeles Times science writer and regular contributor to Xconomy. You can reach her at dgellene@xconomy.com