UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                 SCHEDULE 13G
                                (Rule 13d-102)

   
                      INFORMATION STATEMENT PURSUANT TO
                              RULES 13d-1 and 13d-2
                  UNDER THE SECURITIES EXCHANGE ACT OF 1934
                              (AMENDMENT NO. 1)*
    


                        LA JOLLA PHARMACEUTICAL COMPANY
                               (Name of Issuer)


                   COMMON STOCK, PAR VALUE, $.01 PER SHARE
                        (Title of Class of Securities)


                                 503459 10 9
                                (CUSIP Number)


   
    

*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).







                                 SCHEDULE 13G


CUSIP NO. 503459 10 9                                       PAGE 2 OF 4 PAGES




1.    NAME OF REPORTING PERSON
      S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

            NEW YORK LIFE INSURANCE COMPANY
            13-5582869

2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*           (a) [ ]
                                                                  (b) [ ]

3.    SEC USE ONLY

4.    CITIZENSHIP OR PLACE OF ORGANIZATION

            NEW YORK

   
NUMBER OF               5.    SOLE VOTING POWER                   1,145,608
SHARES
BENEFICIALLY            6.    SHARED VOTING POWER                         0
OWNED BY
EACH                    7.    SOLE DISPOSITIVE POWER              1,145,608
REPORTING
PERSON                  8.    SHARED DISPOSITIVE POWER                    0
WITH


9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
      REPORTING PERSON        1,145,608
    

10.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
      EXCLUDES CERTAIN SHARES* [ ]

   
11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9                 6.22%
    

12.   TYPE OF REPORTING PERSON*

   
            IC
    

                     *SEE INSTRUCTIONS BEFORE FILLING OUT









                                 SCHEDULE 13G


CUSIP NO. 503459 10 9                                      PAGE 3 OF 4 PAGES



Item 1(a) Name of issuer:  LA JOLLA  PHARMACEUTICAL  COMPANY 

Item 1(b) Address of issuer's principal executive offices:

            6455 NANCY RIDGE DRIVE
            SAN DIEGO, CA 92121

Item 2(a) Name of person filing:

                        NEW YORK LIFE INSURANCE COMPANY

Item 2(b) Address of principal business office:

                        51 MADISON AVENUE, ROOM 206
                        NEW YORK, NY  10010

   
Item 2(c)   Citizenship:  NEW YORK
    

Item 2(d)   Title of class of securities: COMMON STOCK, PAR VALUE $.01 PER SHARE

Item 2(e)   Cusip No.:  503459 10 9

   
Item 3      Type of Person:    Insurance Company as defined in Section
                               3(A)(19) of the Act

Item 4(a)   Amount beneficially owned:          1,145,608

Item 4(b)   Percent of class:                        6.22%

Item 4(c)   (i)   sole power to vote:           1,145,608
            (ii)  shared power to vote:                 0
            (iii) sole power to dispose:        1,145,608
            (iv)  shared power to dispose:              0
    

Item 5    Ownership of 5 percent or less of a class:  NOT APPLICABLE

Item 6    Ownership of more than 5 percent on behalf of
          another person:    NOT APPLICABLE

Item 7    Identification and classification of subsidiary:    NOT APPLICABLE

Item 8    Identification and classification of members
          of the group:    NOT APPLICABLE







                                 SCHEDULE 13G


CUSIP NO. 503459 10 9                                       PAGE 4 OF 4 PAGES


Item 9      Notice of dissolution of the group:  NOT APPLICABLE

Item 10     Certification:

            By signing  below I certify  that,  to the best of my knowledge  and
            belief,  the  securities  referred  to above  were  acquired  in the
            ordinary course of business and were not acquired for the purpose of
            and do not have the effect of changing or influencing the control of
            the issuer of such  securities  and were not acquired in  connection
            with or as a participant in any  transaction  having such purpose or
            effect.


                                        SIGNATURE

            After reasonable inquiry and to the best of my knowledge and belief,
            I certify that the  information set forth in this statement is true,
            complete, and correct.




   
Dated: February 11, 1997                  NEW YORK LIFE INSURANCE COMPANY


                                          By  /s/ John L. Mattana
                                            ------------------------------
                                          Name: John L. Mattana
                                          Title: Investment Vice President