8-K

UNITED STATES
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): November 6, 2003

LA JOLLA PHARMACEUTICAL COMPANY

(Exact Name of Registrant as Specified in Charter)

Delaware
(State or Other Jurisdiction of
Incorporation) 0-24274
(Commission File Number) 33-0361285
(IRS Employer
Identification No.)

6455 Nancy Ridge Drive
San Diego, California 92121
(Address of Principal Executive Offices, Including Zip Code)

Registrant’s telephone number, including area code: (858)452-6600

TABLE OF CONTENTS

	Item 12. Results of Operations and Financial Condition.
SIGNATURES
EXHIBIT 99.1

Item 12. Results of Operations and Financial Condition.

     On November 6, 2003, La Jolla Pharmaceutical Company issued a press release announcing the financial results for its third fiscal quarter ended September 30, 2003. A copy of this press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

     The information in this Form 8-K and the exhibit attached hereto and incorporated herein shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

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.

Date: November 6, 2003	LA JOLLA PHARMACEUTICAL COMPANY
	By:	/s/ Steven B. Engle Steven B. Engle Chairman of the Board and Chief Executive Officer

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
99.1	Press Release (furnished pursuant to Item 12 of Form 8-K)

EX-99.1 3 a94235exv99w1.txt EXHIBIT 99.1 EXHIBIT 99.1 LA JOLLA PHARMACEUTICAL COMPANY REPORTS THIRD QUARTER 2003 FINANCIAL RESULTS SAN DIEGO, NOVEMBER 6, 2003 -- La Jolla Pharmaceutical Company (Nasdaq: LJPC) reported a net loss for the third quarter ended September 30, 2003 of $6.9 million, or $0.15 per share (on 47.1 million weighted average shares), compared to a net loss of $10.7 million, or $0.25 per share (on 42.4 million weighted average shares), for the third quarter of 2002. The net loss for the nine months ended September 30, 2003 was $30.4 million, or $0.69 per share (on 44.1 million weighted average shares), compared to a net loss of $30.2 million, or $0.72 per share (on 41.9 million weighted average shares), for the same period in 2002. Research and development expenses decreased to $5.6 million for the three months ended September 30, 2003 from $9.4 million for the same period in 2002 primarily due to a decrease in expenses related to the Company's Phase 3 clinical trial of Riquent(TM) which was completed in December 2002, the open-label follow-on clinical trial of Riquent which was initiated in July 2002 and closed in April 2003, and the Phase 1/2 clinical trial of LJP 1082 which was completed in October 2002. Research and development expenses decreased to $26.0 million for the nine months ended September 30, 2003 from $26.4 million for the same period in 2002 primarily due to a decrease in expenses related to the completion of the Company's clinical trials as discussed above. These decreases were offset by an increase in salaries and wage expense due to the restructuring charges recorded in May 2003. Cash, cash equivalents and short-term investments as of September 30, 2003 were $39.3 million compared to $52.7 million as of December 31, 2002. The Company anticipates that its existing cash and cash investments, including the net proceeds of $20.9 million received by the Company from the sale of 8,150,000 shares of its common stock in August 2003, and interest earned thereon, will be sufficient to fund the Company's operations as currently planned into the fourth quarter of 2004, assuming the Company does not engage in any significant clinical trial or commercialization activities. 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, 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 plan to submit a New Drug Application ("NDA") for Riquent(TM), there is no guarantee that regulatory authorities will approve Riquent in a timely manner, or at all. Our analyses of clinical results of Riquent, 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. The analysis of the data from our Phase 3 trial of Riquent has shown that the trial did not reach statistical significance with respect to its primary endpoint, time to renal flare. Although we plan to submit an NDA for Riquent, the results from our clinical trials of Riquent may not ultimately be sufficient to obtain regulatory clearance to market Riquent either in the U.S. or Europe, and we may be required to conduct additional clinical studies to demonstrate the safety and efficacy of Riquent to obtain marketing approval. There is no guarantee, however, that we will have the necessary resources to complete any additional trial, that we will elect to conduct an additional trial, or that any additional trial will sufficiently demonstrate the safety and efficacy of Riquent. Our blood test to measure the binding affinity for Riquent is experimental, has not been validated by independent laboratories, may require regulatory approval, and will likely be necessary for the approval and the commercialization of Riquent. 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, regulatory authorities 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 and timing of: obtaining required regulatory approvals, including delays associated with any approvals that we may obtain; the clear need for additional financing; 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; 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 Annual Report on Form 10-K for the year ended December 31, 2002, 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 NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, (UNAUDITED) (UNAUDITED) 2003 2002 2003 2002 --------- --------- --------- --------- Research and development expense $ 5,633 $ 9,448 $ 25,970 $ 26,353 General and administrative expense 1,413 1,656 4,812 4,857 --------- --------- --------- --------- Total expenses 7,046 11,104 30,782 31,210 --------- --------- --------- --------- Loss from operations (7,046) (11,104) (30,782) (31,210) Interest income 169 425 534 1,073 Interest expense (57) (7) (150) (22) --------- --------- --------- --------- Net loss $ (6,934) $ (10,686) $ (30,398) $ (30,159) ========= ========= ========= ========= Basic and diluted net loss per share $ (0.15) $ (0.25) $ (0.69) $ (0.72) Shares used in computing basic and diluted net loss per share 47,089 42,402 44,063 41,918

BALANCE SHEET INFORMATION

SEPTEMBER 30, DECEMBER 31, 2003 2002 ------------ ------------ (UNAUDITED) ASSETS Cash, cash equivalents, and short-term investments $ 39,311 $ 52,725 Other assets 10,356 9,139 --------- --------- Total assets $ 49,667 $ 61,864 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities $ 5,100 $ 8,065 Stockholders' equity 44,567 53,799 --------- --------- Total liabilities and stockholders' equity $ 49,667 $ 61,864 ========= =========

-----END PRIVACY-ENHANCED MESSAGE-----

EX-99.1

                                                                    EXHIBIT 99.1

                         LA JOLLA PHARMACEUTICAL COMPANY
                  REPORTS THIRD QUARTER 2003 FINANCIAL RESULTS

SAN DIEGO, NOVEMBER 6, 2003 -- La Jolla Pharmaceutical Company (Nasdaq: LJPC)
reported a net loss for the third quarter ended September 30, 2003 of $6.9
million, or $0.15 per share (on 47.1 million weighted average shares), compared
to a net loss of $10.7 million, or $0.25 per share (on 42.4 million weighted
average shares), for the third quarter of 2002. The net loss for the nine months
ended September 30, 2003 was $30.4 million, or $0.69 per share (on 44.1 million
weighted average shares), compared to a net loss of $30.2 million, or $0.72 per
share (on 41.9 million weighted average shares), for the same period in 2002.

Research and development expenses decreased to $5.6 million for the three months
ended September 30, 2003 from $9.4 million for the same period in 2002 primarily
due to a decrease in expenses related to the Company's Phase 3 clinical trial of
Riquent(TM) which was completed in December 2002, the open-label follow-on
clinical trial of Riquent which was initiated in July 2002 and closed in April
2003, and the Phase 1/2 clinical trial of LJP 1082 which was completed in
October 2002.

Research and development expenses decreased to $26.0 million for the nine months
ended September 30, 2003 from $26.4 million for the same period in 2002
primarily due to a decrease in expenses related to the completion of the
Company's clinical trials as discussed above. These decreases were offset by an
increase in salaries and wage expense due to the restructuring charges recorded
in May 2003.

Cash, cash equivalents and short-term investments as of September 30, 2003 were
$39.3 million compared to $52.7 million as of December 31, 2002. The Company
anticipates that its existing cash and cash investments, including the net
proceeds of $20.9 million received by the Company from the sale of 8,150,000
shares of its common stock in August 2003, and interest earned thereon, will be
sufficient to fund the Company's operations as currently planned into the fourth
quarter of 2004, assuming the Company does not engage in any significant
clinical trial or commercialization activities.

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, 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 plan to submit a New Drug
Application ("NDA") for Riquent(TM), there is no guarantee that regulatory
authorities will approve Riquent in a timely manner, or at all. Our analyses of
clinical results of Riquent, 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. The analysis of the data from our Phase 3 trial of Riquent has shown
that the trial did not reach statistical significance with respect to its
primary endpoint, time to renal flare. Although we plan to submit an NDA for
Riquent, the results from our clinical trials of Riquent may not ultimately be
sufficient to obtain regulatory clearance to market Riquent either in the U.S.
or Europe, and we may be required to conduct additional clinical studies to
demonstrate the safety and efficacy of Riquent to obtain marketing approval.
There is no guarantee, however, that we will have the necessary resources to
complete any additional trial, that we will elect to conduct an additional
trial, or that any additional trial will sufficiently demonstrate the safety and
efficacy of Riquent. Our blood test to measure the binding affinity for Riquent
is experimental, has not been validated by independent laboratories, may require
regulatory approval, and will likely be necessary for the approval and the
commercialization of Riquent. 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,
regulatory authorities 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 and timing of: obtaining required
regulatory approvals, including delays associated with any approvals that we may
obtain; the clear need for additional financing; 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; 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 Annual Report on Form
10-K for the year ended December 31, 2002, 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             NINE MONTHS ENDED
                                                             SEPTEMBER 30,                 SEPTEMBER 30,
                                                              (UNAUDITED)                   (UNAUDITED)
                                                          2003           2002           2003           2002
                                                        ---------      ---------      ---------      ---------
                                                                                         
Research and development expense                        $   5,633      $   9,448      $  25,970      $  26,353
General and administrative expense                          1,413          1,656          4,812          4,857
                                                        ---------      ---------      ---------      ---------
    Total expenses                                          7,046         11,104         30,782         31,210

                                                        ---------      ---------      ---------      ---------
Loss from operations                                       (7,046)       (11,104)       (30,782)       (31,210)

Interest income                                               169            425            534          1,073
Interest expense                                              (57)            (7)          (150)           (22)
                                                        ---------      ---------      ---------      ---------
Net loss                                                $  (6,934)     $ (10,686)     $ (30,398)     $ (30,159)
                                                        =========      =========      =========      =========

Basic and diluted net loss per share                    $   (0.15)     $   (0.25)     $   (0.69)     $   (0.72)

Shares used in computing basic and diluted net loss
per share                                                  47,089         42,402         44,063         41,918



BALANCE SHEET INFORMATION




                                                            SEPTEMBER 30,      DECEMBER 31,
                                                               2003                2002
                                                             ------------      ------------
                                                            (UNAUDITED)
                                                                          
ASSETS
Cash, cash equivalents, and short-term investments           $  39,311          $  52,725
Other assets                                                    10,356              9,139
                                                             ---------          ---------
     Total assets                                            $  49,667          $  61,864
                                                             =========          =========

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities                                                  $   5,100          $   8,065
Stockholders' equity                                            44,567             53,799
                                                             ---------          ---------
     Total liabilities and stockholders' equity              $  49,667          $  61,864
                                                             =========          =========