-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NqXGgw8Azb4+M/VpJj6HIcY+oJvXZzGtsADP7jVVVB3N0DTJKejBaIkLJqSz2SBi 0iheEONggHN8aNUteuJ7qA== 0000936392-03-000212.txt : 20030304 0000936392-03-000212.hdr.sgml : 20030304 20030304153735 ACCESSION NUMBER: 0000936392-03-000212 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030303 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030304 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LA JOLLA PHARMACEUTICAL CO CENTRAL INDEX KEY: 0000920465 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 330361285 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24274 FILM NUMBER: 03591463 BUSINESS ADDRESS: STREET 1: 6455 NANCY RIDGE DR CITY: SAN DIEGO STATE: CA ZIP: 92121 BUSINESS PHONE: 8584526600 MAIL ADDRESS: STREET 1: 6455 NANCY RIDGE DR CITY: SAN DIEGO STATE: CA ZIP: 92121 8-K 1 a88179e8vk.htm FORM 8-K La Jolla Pharmaceutical Company
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SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549


FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): March 3, 2003

La Jolla Pharmaceutical Company

(Exact Name of Registrant as Specified in Charter)
         
Delaware   0-24274   33-0361285

 
 
(State or Other Jurisdiction
of Incorporation)
  (Commission
File Number)
  (IRS Employer
Identification No.)
     
6455 Nancy Ridge Drive, San Diego, California   92121

 
(Address of Principal Executive Offices)   (Zip Code)
     
Registrant’s telephone number, including area code:   (858) 452-6600

N/A


(Former Name or Former Address, if Changed Since Last Report)



 


Item 5. Other Events and Required FD Disclosure.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
SIGNATURES
EXHIBIT INDEX
EXHIBIT 99.1
EXHIBIT 99.2


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Item 5. Other Events and Required FD Disclosure.

     On March 3, 2003, the Company issued a press release announcing that Steven Engle, the Company’s Chief Executive Officer, would present at the Lehman Brothers Sixth Annual Global Healthcare Conference on March 4, 2003. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

     On March 4, 2003, the Company issued a press release announcing its fourth quarter financial results for 2002. A copy of the press release is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

     (c)  Exhibits. The following exhibits are filed with this report on Form 8-K:

     
Exhibit    
Number   Description of Exhibit

 
99.1   Press Release announcing the Company's presentation at the Lehman Brothers Conference
99.2   Press Release announcing the Company's fourth quarter financial results for 2002

 


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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

       
    LA JOLLA PHARMACEUTICAL COMPANY
 
Date: March 4, 2003   By: /s/ David Duncan, Jr.                  
      Chief Financial Officer

 


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EXHIBIT INDEX

     
Exhibit    
Number   Description of Exhibit

 
99.1   Press Release announcing the Company's presentation at the Lehman Brothers Conference
99.2   Press Release announcing the Company's fourth quarter financial results for 2002

  EX-99.1 3 a88179exv99w1.txt EXHIBIT 99.1 EXHIBIT 99.1 COMPANY CONTACT: MEDIA CONTACTS: - --------------- -------------- Andrew Wiseman, Ph.D. Virginia Amann or Trista Morrison Sr. Director of Business Development Atkins + Associates La Jolla Pharmaceutical Company for La Jolla Pharmaceutical Company 858-646-6615 858-527-3490 andrew.wiseman@ljpc.com tmorrison@irpr.com LA JOLLA PHARMACEUTICAL TO PRESENT AT LEHMAN BROTHERS CONFERENCE SAN DIEGO, MARCH 3, 2003 -- La Jolla Pharmaceutical Company (Nasdaq: LJPC) announced today that Steven B. Engle, Chairman and CEO, will give a presentation on Tuesday, March 4, 2003 at 3:45 p.m. Eastern Time at the Lehman Brothers Sixth Annual Global Healthcare Conference at the Loews Miami Beach Hotel in Miami Beach, Florida. An audio webcast of the presentation will be available through the Company's Web site http://www.ljpc.com. La Jolla Pharmaceutical Company is a biotechnology company developing therapeutics for antibody-mediated autoimmune diseases afflicting several million people in the United States and Europe. The Company is developing Riquent(TM) for the treatment of lupus kidney disease, a leading cause of sickness and death in patients with lupus. The Company is also developing LJP 1082 for the treatment of antibody-mediated thrombosis, a condition in which patients suffer from recurrent stroke, deep-vein thrombosis and other thrombotic events. The Company's common stock is traded on The Nasdaq Stock Market under the symbol LJPC. For more information about the Company, visit our Web site: http://www.ljpc.com. Except for historical statements, this press release contains forward-looking statements involving significant risks and uncertainties, and a number of factors, both foreseen and unforeseen, could cause actual results to differ materially from our current expectations. Forward-looking statements include those, which express a plan, belief, expectation, estimation, anticipation, intent, contingency, future development or similar expression. Although we expect to meet with the U.S. Food and Drug Administration ("FDA") to discuss the results of our Phase III trial of Riquent(TM), there is no guarantee that a meeting with the FDA can be held in a timely manner, or at all, or that our meetings with them will result in us being able to continue to develop Riquent(TM). Our analyses of clinical results of Riquent(TM), previously known as LJP 394, our drug candidate for the treatment of systemic lupus erythematosus ("lupus"), and LJP 1082, our drug candidate for the treatment of antibody-mediated thrombosis ("thrombosis"), are ongoing and could result in a finding that these drug candidates are not effective in large patient populations, do not provide a meaningful clinical benefit or may reveal a potential safety issue requiring us to develop new candidates. Our blood test to measure the binding affinity for Riquent(TM) is experimental, has not been validated by independent laboratories, may require regulatory approval, and may be necessary for the approval and the commercialization of Riquent(TM). Our other potential drug candidates are at earlier stages of development and involve comparable risks. Analysis of our clinical trials could have negative or inconclusive results. Any positive results observed to date may not be indicative of future results. In any event, the FDA may require additional clinical trials, or may not approve our drugs. Our ability to develop and sell our products in the future may be affected by the intellectual property rights of third parties. Additional risk factors include the uncertainty of: obtaining required regulatory approvals, including delays associated with any approvals that we may obtain; FDA approval of our manufacturing facilities and processes; the increase in capacity of our manufacturing capabilities for possible commercialization; successfully marketing and selling our products; our lack of manufacturing, marketing, and sales experience; generating future revenue from product sales or other sources such as collaborative relationships; future profitability; our need for additional financing; and our dependence on patents and other proprietary rights. Readers are cautioned to not place undue reliance upon forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date hereof. Interested parties are urged to review the risks described in our Registration Statement on Form S-3, filed December 10, 2002, our Annual Report on Form 10-K for the year ended December 31, 2001, and in other reports and registration statements that we file with the Securities and Exchange Commission from time to time. ### EX-99.2 4 a88179exv99w2.txt EXHIBIT 99.2 EXHIBIT 99.2 COMPANY CONTACT: MEDIA CONTACTS: - --------------- -------------- Andrew Wiseman, Ph.D. Virginia Amann or Trista Morrison Sr. Director of Business Development Atkins & Associates La Jolla Pharmaceutical Company for La Jolla Pharmaceutical Company 858-646-6615 858-527-3490 andrew.wiseman@ljpc.com tmorrison@irpr.com LA JOLLA PHARMACEUTICAL COMPANY REPORTS FOURTH QUARTER 2002 FINANCIAL RESULTS SAN DIEGO, MARCH 4, 2003 -- La Jolla Pharmaceutical Company (Nasdaq: LJPC), reported a net loss for the fourth quarter ended December 31, 2002 of $13.2 million or $0.31 per share (on 42.4 million weighted average shares) compared to a net loss of $6.7 million or $0.19 per share (on 35.3 million weighted average shares) for the fourth quarter of 2001. The net loss for the year ended December 31, 2002 was $43.3 million or $1.03 per share (on 42.0 million weighted average shares) compared to a net loss of $24.7 million or $0.71 per share (on 34.6 million weighted average shares) for the same period in 2001. Research and development expenses increased to $11.3 million and $37.7 million for the three and twelve months ended December 31, 2002, respectively, compared to $5.9 million and $23.2 million for the comparable periods in 2001. The increase was primarily due to expenses associated with the Phase III clinical trial of Riquent(TM), the Company's lupus drug candidate, which was initiated in September 2000 and completed in December 2002, and the on-going open-label follow-on clinical trial of Riquent(TM), which was initiated in July 2002. The increase was also due to the Phase I/II clinical trial of LJP 1082, the Company's thrombosis drug candidate, which was initiated in November 2001 and completed in October 2002. Cash, cash equivalents and short-term investments as of December 31, 2002 were $52.7 million compared to $47.0 million as of December 31, 2001. In January 2002, the Company sold 7.0 million shares of its common stock in a private placement for net proceeds of approximately $48.3 million. The Company anticipates that its existing cash, investments and interest earned thereon will be sufficient to fund the Company's operations as currently planned into the first quarter of 2004, assuming that it does not undertake significant commercialization activities for Riquent(TM). La Jolla Pharmaceutical Company is a biotechnology company developing therapeutics for antibody-mediated autoimmune diseases afflicting several million people in the United States and Europe. The Company is developing Riquent(TM), formerly known as LJP 394, for the treatment of lupus kidney disease, a leading cause of sickness and death in patients with lupus. The Company is also developing LJP 1082 for the treatment of antibody-mediated thrombosis, a condition in which patients suffer from recurrent stroke, deep-vein thrombosis and other thrombotic events. The Company's common stock is traded on The Nasdaq Stock Market under the symbol LJPC. For more information about the Company, visit our Web site: http://www.ljpc.com. Except for historical statements, this press release contains forward-looking statements involving significant risks and uncertainties, and a number of factors, both foreseen and unforeseen, could cause actual results to differ materially from our current expectations. Forward-looking statements include those which express a plan, belief, expectation, estimation, anticipation, intent, contingency, future development or similar expression. Although we expect to meet with the U.S. Food and Drug Administration ("FDA") to discuss the results of our Phase III trial of Riquent(TM), there is no guarantee that a meeting with the FDA can be held in a timely manner, or at all, or that our meetings with them will result in us being able to continue to develop Riquent(TM). Our analyses of clinical results of Riquent(TM), previously known as LJP 394, our drug candidate for the treatment of systemic lupus erythematosus ("lupus"), and LJP 1082, our drug candidate for the treatment of antibody-mediated thrombosis ("thrombosis"), are ongoing and could result in a finding that these drug candidates are not effective in large patient populations, do not provide a meaningful clinical benefit or may reveal a potential safety issue requiring us to develop new candidates. Our blood test to measure the binding affinity for Riquent(TM) is experimental, has not been validated by independent laboratories, may require regulatory approval, and may be necessary for the approval and the commercialization of Riquent(TM). Our other potential drug candidates are at earlier stages of development and involve comparable risks. Analysis of our clinical trials could have negative or inconclusive results. Any positive results observed to date may not be indicative of future results. In any event, the FDA may require additional clinical trials, or may not approve our drugs. Our ability to develop and sell our products in the future may be affected by the intellectual property rights of third parties. Additional risk factors include the uncertainty of: obtaining required regulatory approvals, including delays associated with any approvals that we may obtain; FDA approval of our manufacturing facilities and processes; the increase in capacity of our manufacturing capabilities for possible commercialization; successfully marketing and selling our products; our lack of manufacturing, marketing, and sales experience; generating future revenue from product sales or other sources such as collaborative relationships; future profitability; our need for additional financing; and our dependence on patents and other proprietary rights. Readers are cautioned to not place undue reliance upon forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date hereof. Interested parties are urged to review the risks described in our Registration Statement on Form S-3, filed December 10, 2002, our Annual Report on Form 10-K for the year ended December 31, 2001, and in other reports and registration statements that we file with the Securities and Exchange Commission from time to time. ### LA JOLLA PHARMACEUTICAL COMPANY CONDENSED FINANCIAL STATEMENTS (IN THOUSANDS, EXCEPT PER SHARE DATA) SUMMARY OF OPERATIONS
THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, DECEMBER 31, (UNAUDITED) 2002 2001 2002 2001 -------- -------- -------- -------- Research and development expenses $ 11,343 $ 5,875 $ 37,696 $ 23,228 General and administrative expenses 2,087 1,318 6,944 4,268 -------- -------- -------- -------- Total expenses 13,430 7,193 44,640 27,496 Loss from operations (13,430) (7,193) (44,640) (27,496) Interest income 300 518 1,373 2,843 Interest expense (29) (7) (51) (30) -------- -------- -------- -------- Net loss $(13,159) $ (6,682) $(43,318) $(24,683) ======== ======== ======== ======== Basic and diluted net loss per share $ (0.31) $ (0.19) $ (1.03) $ (0.71) ======== ======== ======== ======== Shares used in computing basic and diluted net loss per share 42,427 35,255 42,046 34,604 ======== ======== ======== ========
BALANCE SHEET INFORMATION
DECEMBER 31, DECEMBER 31, 2002 2001 ------------ ------------ ASSETS Cash, cash equivalents, and short-term investments $52,725 $46,960 Other assets 9,139 4,726 ------- ------- Total assets $61,864 $51,686 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities $ 8,065 $ 3,141 Stockholders' equity 53,799 48,545 ------- ------- Total liabilities and stockholders' equity $61,864 $51,686 ======= =======
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