La Jolla Pharmaceutical Sets Vote to Shut Down

Bruce V. Bigelow10/15/09

La Jolla Pharmaceutical (NASDAQ: LJPC) has scheduled a special shareholder meeting for Oct. 30 to vote on a plan of liquidation and dissolution. If approved, the biotech expects to satisfy remaining debts and distribute remaining cash to shareholders. With estimated cash of $4.4 million at the end of August, the company estimates the distribution to the company’s 66 million shareholders would fall between 2.8 cents and 4.5 cents a share.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788