-----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, TPnj5OlJ9Hkdngr036tdB2hIwLh1+nTbh7f8deRQFckL2wN8HLAlWAO1QGD7vszo 4CKEkwC+seERLH0Ee/7RCg== 0000936392-98-001482.txt : 19981113 0000936392-98-001482.hdr.sgml : 19981113 ACCESSION NUMBER: 0000936392-98-001482 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19981112 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: 10-Q SEC ACT: SEC FILE NUMBER: 000-24274 FILM NUMBER: 98745137 BUSINESS ADDRESS: STREET 1: 6455 NANCY RIDGE DR CITY: SAN DIEGO STATE: CA ZIP: 92121 BUSINESS PHONE: 6194526600 MAIL ADDRESS: STREET 1: 6455 NANCY RIDGE DR CITY: SAN DIEGO STATE: CA ZIP: 92121 10-Q 1 FORM 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q MARK ONE [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _________ TO _______ Commission File Number: 0-24274 LA JOLLA PHARMACEUTICAL COMPANY (Exact Name of Registrant as Specified in its Charter) DELAWARE 33-0361285 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 6455 NANCY RIDGE DRIVE 92121 SAN DIEGO, CA (Zip Code) (Address of Principal Executive Offices) Registrant's Telephone Number, Including Area Code: (619) 452-6600 Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO ___ The number of shares of the Registrant's common stock, $.01 par value, outstanding at October 31, 1998 was 20,075,233. 2 LA JOLLA PHARMACEUTICAL COMPANY FORM 10-Q QUARTERLY REPORT INDEX COVER PAGE.................................................................................1 INDEX .....................................................................................2 PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements Balance Sheets as of September 30, 1998 (Unaudited) and December 31, 1997............3 Statements of Operations (Unaudited) for the three months and nine months ended September 30, 1998 and 1997..........................................................4 Statements of Cash Flows (Unaudited) for the nine months ended September 30, 1998 and 1997.............................................................................5 Notes to Financial Statements (Unaudited)............................................6 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.......................................................7 ITEM 3. Quantitative and Qualitative Disclosures About Market Risk..................* PART II. OTHER INFORMATION ITEM 1. Legal Proceedings...........................................................* ITEM 2. Changes in Securities.......................................................* ITEM 3. Defaults upon Senior Securities.............................................* ITEM 4. Submission of Matters to a Vote of Security Holders.........................* ITEM 5. Other information...........................................................* ITEM 6. Exhibits and Reports on Form 8-K...........................................11 SIGNATURE.................................................................................12
* No information provided due to inapplicability of item. 2 3 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS LA JOLLA PHARMACEUTICAL COMPANY BALANCE SHEETS (in thousands)
September 30, December 31, 1998 1997 ------------- ------------ (Unaudited) (Note) ASSETS Current assets: Cash and cash equivalents $ 14,099 $ 11,999 Short-term investments 6,902 14,979 Other current assets 452 658 -------- -------- Total current assets 21,453 27,636 Property and equipment, net 599 946 Patent costs and other assets, net 1,225 1,064 -------- -------- Total assets $ 23,277 $ 29,646 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 251 $ 1,256 Accrued expenses 458 880 Accrued payroll and related expenses 421 377 Deferred revenue -- related party 2,270 1,277 Current portion of obligations under capital leases 20 133 -------- -------- Total current liabilities 3,420 3,923 Noncurrent portion of obligations under capital leases -- 8 Commitments Stockholders' equity: Common stock 185 182 Additional paid-in capital 80,423 80,304 Deferred compensation -- (30) Accumulated deficit (60,751) (54,741) -------- -------- Total stockholders' equity 19,857 25,715 -------- -------- Total liabilities and stockholders' equity $ 23,277 $ 29,646 ======== ========
Note: The balance sheet at December 31, 1997 has been derived from audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. See accompanying notes. 3 4 LA JOLLA PHARMACEUTICAL COMPANY STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except per share amounts)
Three Months Ended Nine Months Ended September 30, September 30, ------------------- -------------------- 1998 1997 1998 1997 -------- ------- -------- ------- Revenue from collaborative agreement -- related party $ 1,839 $ 2,297 $ 6,005 $ 6,791 Expenses: Research and development 3,344 3,659 10,589 10,132 General and administrative 711 630 2,363 2,177 ------- ------- ------- ------- Total expenses 4,055 4,289 12,952 12,309 ------- ------- ------- ------- Loss from operations (2,216) (1,992) (6,947) (5,518) Interest expense (1) (10) (6) (50) Interest income 292 352 943 1,062 ------- ------- ------- ------- Net loss and comprehensive net loss $(1,925) $(1,650) $(6,010) $(4,506) ======= ======= ======= ======= Basic and diluted net loss per share $ (.10) $ (.09) $ (.33) $ (.26) ======= ======= ======= ======= Shares used in computing basic and diluted net loss per share 18,523 17,445 18,290 17,338 ======= ======= ======= =======
See accompanying notes. 4 5 LA JOLLA PHARMACEUTICAL COMPANY STATEMENTS OF CASH FLOWS (Unaudited) (in thousands)
Nine Months Ended September 30, --------------------- 1998 1997 -------- -------- OPERATING ACTIVITIES Net loss $(6,010) $ (4,506) Adjustments to reconcile net loss to net cash (used for) provided by operating activities: Depreciation and amortization 286 446 Deferred compensation amortization 22 95 Changes in operating assets and liabilities: Receivable-- related party -- 4,000 Other current assets 206 373 Accounts payable and accrued expenses (1,427) (1,602) Accrued payroll and related expenses 44 43 Deferred revenue-- related party 993 2,293 ------- ------- Net cash (used for) provided by operating activities (5,886) 1,142 INVESTING ACTIVITIES Decrease in short-term investments 8,077 1,652 Deletions (additions) to property and equipment 86 (259) Increase in patent costs and other assets (186) (198) ------- ------- Net cash provided by investing activities 7,977 1,195 FINANCING ACTIVITIES Net proceeds from issuance of common stock 130 3,940 Payments on obligations under capital leases (121) (580) ------- ------- Net cash provided by financing activities 9 3,360 Net increase in cash and cash equivalents 2,100 5,697 Cash and cash equivalents at beginning of period 11,999 6,613 ------- ------- Cash and cash equivalents at end of period $14,099 $12,310 ======= ======= SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Interest paid $ 6 $ 50 ======= ======= SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Adjustment to deferred compensation for terminations $ 8 $ 15 ======= =======
See accompanying notes. 5 6 LA JOLLA PHARMACEUTICAL COMPANY NOTES TO FINANCIAL STATEMENTS (Unaudited) SEPTEMBER 30, 1998 1. BASIS OF PRESENTATION The accompanying unaudited financial statements of La Jolla Pharmaceutical Company (the "Company") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 1998 are not necessarily indicative of the results that may be expected for other quarters or the year ended December 31, 1998. For more complete financial information, these financial statements, and the notes thereto, should be read in conjunction with the audited financial statements for the year ended December 31, 1997 included in the Company's Form 10-K filed with the Securities and Exchange Commission. 2. ACCOUNTING POLICIES USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. Actual results could differ from those estimates. COMPREHENSIVE INCOME On January 1, 1998, the Company adopted Statement of Financial Accounting Standard No. 130, "Reporting Comprehensive Income" ("SFAS 130"). SFAS 130 requires that all components of comprehensive income, including net income, be reported in the financial statements in the period in which they are recognized. Comprehensive income is defined as the change in equity during the period from transactions and other events and circumstances from non-owner sources. Net income and other comprehensive income, including unrealized gains and losses on investments, shall be reported, net of their related tax effect, to arrive at comprehensive income. The Company's comprehensive net loss and net loss are the same and therefore the adoption of SFAS 130 did not have an impact on the financial statements. SEGMENT INFORMATION On January 1, 1998, the Company adopted Statement of Financial Accounting Standard No. 131, "Segment Information" ("SFAS 131"). SFAS 131 redefines segments and requires companies to report financial and descriptive information about their operating segments. The Company has determined that it operates in one business segment and therefore the adoption of SFAS 131 did not affect the Company's financial statements. 6 7 LA JOLLA PHARMACEUTICAL COMPANY 3. SUBSEQUENT EVENT -- COLLABORATIVE AGREEMENT In October 1998, the Company issued 1,538,402 shares of common stock to Abbott Laboratories for an aggregate purchase price of $4,000,000 in accordance with the terms of the Company's collaborative agreement with Abbott Laboratories. PART I. FINANCIAL INFORMATION ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The discussion below includes forward-looking statements, including without limitation those dealing with the Company's drug development plans and clinical trials, its relationship with Abbott Laboratories ("Abbott"), and other matters described in terms of the Company's plans and expectations. The forward-looking statements involve risks and uncertainties and a number of factors, both foreseen and unforeseen, could cause actual results to differ from the Company's current expectations. The Company's ongoing Phase II/III clinical trial of LJP 394, the Company's drug candidate for the treatment of lupus, could result in a finding that LJP 394 is not effective in producing a sustained reduction of dsDNA antibodies in large patient populations or does not provide a meaningful clinical benefit. The Company's other potential drug candidates are at earlier stages of development and involve comparable risks. Payments by Abbott to the Company are contingent upon progress of clinical trials and the Company's achievement of certain other milestones that might not be met. The relationship with Abbott could be terminated by either party for various reasons. Clinical trials could be delayed and could have negative or inconclusive results. Additional risk factors include the uncertainty of future revenue from product sales or other sources such as collaborative relationships, the uncertainty of future profitability, the Company's dependence on patents and other proprietary rights, the Company's limited manufacturing capabilities and the Company's lack of marketing experience. Readers are cautioned not to place undue reliance upon forward-looking statements, which speak only as of the date hereof, and the Company undertakes 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 below and in other reports and registration statements of the Company filed with the SEC from time to time. OVERVIEW Since its inception in May 1989, the Company has devoted substantially all of its resources to the research and development of technology and potential drugs to treat antibody-mediated diseases. The Company has never generated any revenue from product sales and has relied upon private and public investors, revenues from collaborative agreements, equipment lease financings and interest income on invested cash balances for its working capital. The Company has been unprofitable since inception and expects to incur substantial additional operating losses for at least the next several years as it increases expenditures on research and development and allocates significant and increasing resources to its manufacturing, clinical trials, and marketing activities. The Company's activities to date are not as broad in depth or scope as the activities it must undertake in the future, and the Company's historical operations and the financial information reported below are not indicative of its future operating results or financial condition. 7 8 LA JOLLA PHARMACEUTICAL COMPANY The Company expects that losses will fluctuate from quarter to quarter as a result of differences in the timing of expenses incurred and potential revenues from collaborative arrangements. Some of these fluctuations may be significant. The Company's research and development expenses are expected to increase significantly in the future as the Company increases its development efforts. As of September 30, 1998, the Company's accumulated deficit was approximately $60.8 million. The Company's business is subject to significant risks including, but not limited to, the risks inherent in its research and development efforts, including clinical trials, uncertainties associated with both obtaining and enforcing its patents and with the patent rights of others, the lengthy, expensive and uncertain process of seeking regulatory approvals, uncertainties regarding government reforms and of product pricing and reimbursement levels, technological change and competition, manufacturing uncertainties and dependence on its collaborative relationship with Abbott. Even if the Company's product candidates appear promising at an early stage of development, they may not reach the market for numerous reasons. Such reasons include the possibilities that the products will be ineffective or unsafe during clinical trials, will fail to receive necessary regulatory approvals, will be difficult to manufacture on a large scale, will be uneconomical to market or will be precluded from commercialization by proprietary rights of third parties. All of the Company's product development efforts are based upon technologies and therapeutic approaches that are unproven. There can be no assurance that LJP 394 will reliably induce or sustain suppression of disease-causing antibodies, or that LJP 394 will prove to be safe or effective. Furthermore, clinical trials of LJP 394 may be viewed as a test of the Company's entire Tolerance Technology approach. If these clinical trials are unsuccessful, the applicability of the Company's Tolerance Technology to other antibody-mediated diseases will be highly uncertain. RESULTS OF OPERATIONS The Company earned $1.8 and $6.0 million in revenue from its collaborative agreement with Abbott in the three and nine months ended September 30, 1998, respectively, and earned $2.3 million and $6.8 million in revenue for the same periods in 1997. Payments received in advance under the collaborative agreement with Abbott are recorded as deferred revenue until earned. Total cash payments of approximately $7.0 million were received in advance under the collaborative agreement with Abbott during the first nine months of 1998, of which approximately $2.2 million was received in the three months ended September 30, 1998. As of September 30, 1998, deferred revenue was approximately $2.3 million. The receipt of payments and the recognition of revenue from the collaborative agreement with Abbott may vary significantly from quarter to quarter and from year to year depending on the level of research effort expended and the timing of milestone payments. There can be no assurance that the Company will realize any further revenue from the Abbott arrangement or any other collaborative arrangement. Research and development expenses decreased to $3.3 million for the third quarter of 1998 from $3.7 million for the same period in 1997. For the nine months ended September 30, 1998, research and development expense increased to $10.6 million from $10.1 million for the same period in 1997. The decrease in the third quarter in 1998 from the third quarter in 1997 was primarily due to the direct payment of certain clinical trials-related expenses by Abbott beginning in the fourth quarter of 1997 and the timing of purchases for the production of LJP 394 for the clinical trials. The increase in the nine months ended September 30, 1998 compared to the same period in 1997 was due to the expenses associated with the expansion of the Company's research and development programs, an increase in manufacturing scale-up activities and increased facilities expenditures. The Company's research and development expenses are expected to increase significantly in the future as the organization grows, efforts to develop additional drug candidates are intensified and potential products progress into and through clinical trials. 8 9 LA JOLLA PHARMACEUTICAL COMPANY General and administrative expenses increased to $711,000 for the third quarter of 1998, from $630,000 for the same period in 1997. For the nine months ended September 30, 1998, general and administrative expense increased to $2.4 million from $2.2 million for the same period in 1997. Several factors contributed to this increase, including expanded business development and investor relations activities. The Company expects general and administrative expenses to increase in the future in order to support increased research and development and manufacturing scale-up activities. Interest income decreased to $292,000 for the third quarter of 1998 from $352,000 for the same period in 1997. For the nine months ended September 30, 1998, interest income decreased to $943,000 from $1.1 million for the same period in 1997. The decrease was due to lower investment balances. For the third quarter of 1998, interest expense decreased to $1,000 from $10,000 for the same period in 1997. For the nine months ended September 30, 1998, interest expense decreased to $6,000 from $50,000 for the same period in 1997. The decrease was the result of decreases in the Company's capital lease obligations as compared to the same period in 1997. LIQUIDITY AND CAPITAL RESOURCES As of September 30, 1998, the Company had incurred a cumulative net loss since inception of approximately $60.8 million, and had financed its operations through private and public offerings of its securities, payments under collaborative agreements, capital and operating lease transactions, and interest income on its invested cash balances. As of September 30, 1998, the Company had raised $79.8 million in net proceeds since inception from sales of equity securities. At September 30, 1998, the Company had $21.0 million in cash, cash equivalents and short-term investments, as compared to $27.0 million at December 31, 1997. The Company's working capital at September 30, 1998 was $18.0 million, as compared to $23.7 million at December 31, 1997. The decrease in cash, cash equivalents and short-term investments resulted from the continued use of the Company's cash toward expenses of ongoing clinical and research and development programs and related general and administrative expenses. The decrease in working capital is primarily due to the use of cash for net operating expenses in the first three quarters of 1998. The Company invests its cash in corporate and United States government-backed debt instruments. As of September 30, 1998, the Company had acquired an aggregate of $4.0 million in property and equipment, of which approximately $196,000 of total fixed assets costs remains financed under capital lease obligations. In addition, the Company leases its office and laboratory facilities and certain property and equipment under operating leases. The Company has no material commitments for the acquisition of property and equipment but anticipates increasing investment in property and equipment in connection with the enhancement of its research and development and manufacturing facilities and capabilities. The Company intends to use its financial resources to fund manufacturing scale-up activities including the production of LJP 394 for clinical trials, research and development efforts, and for working capital and other general corporate purposes. The amounts actually expended for each purpose may vary significantly depending upon numerous factors, including the results of clinical trials, the timing of regulatory applications and approvals, and technological developments. Expenditures will also depend upon the establishment and progress of collaborative arrangements, contract research and the availability of other financing. There can be no assurance that these funds will be available on acceptable terms, if at all. 9 10 LA JOLLA PHARMACEUTICAL COMPANY The Company anticipates that its existing capital and interest earned thereon and anticipated funding from the Abbott collaboration will be sufficient to fund the Company's operations as currently planned through 1999. The Company's future capital requirements will depend on many factors including continued scientific progress in its research and development programs, the size and complexity of these programs, the scope and results of clinical trials, the time and costs involved in applying for regulatory approvals, the costs involved in preparing, filing, prosecuting, maintaining and enforcing patent claims, competing technological and market developments, the ability of the Company to maintain its collaborative arrangement with Abbott and to establish and maintain additional collaborative relationships, and the cost of manufacturing scale-up and effective commercialization activities and arrangements. The Company expects to incur significant net operating losses each year for at least the next several years as it expands its current research and development programs and increases its general and administrative expenses to support a larger, more complex organization. It is possible that the Company's cash requirements will exceed current projections and that the Company will therefore need additional financing sooner than currently expected. The Company has no current means of generating cash flow from operations, and its lead drug candidate, LJP 394, will not generate revenues, if at all, until it has been proven safe and effective, has received regulatory approval, and has been successfully commercialized, a process that is expected to take at least the next several years. The Company's other drug candidates are much less developed than LJP 394. There can be no assurance that the Company's product development efforts with respect to LJP 394 or any other drug candidate will be successfully completed, that required regulatory approvals will be obtained, or that any product, if introduced, will be successfully marketed or achieve commercial acceptance. Accordingly, the Company must continue to rely upon outside sources of financing to meet its capital needs for the foreseeable future. Abbott's funding of the development costs for LJP 394 and milestone payments are expected to continue to enhance the Company's short-term liquidity by minimizing the expenditure of the Company's own funds on further development of LJP 394. However, the Company anticipates increasing expenditures on the development of other drug candidates, and over time, the Company's consumption of cash will necessitate additional sources of financing. Furthermore, the Company has no internal sources of liquidity, and termination of the Abbott arrangement would have a serious adverse effect on the Company's ability to generate sufficient cash to meet its needs. The Company will continue to seek capital through any appropriate means, including issuance of its securities and establishment of additional collaborative arrangements. However, there can be no assurance that additional financing will be available on acceptable terms, and the Company's negotiating position in its capital-raising efforts may worsen as it continues to use its existing resources. Financing through collaborative arrangements is uncertain because payments under the Company's collaborative agreement with Abbott are subject to certain termination rights, including those related to progress in clinical trials for LJP 394, and there is no assurance that the Company will be able to enter into further collaborative relationships. IMPACT OF YEAR 2000 The "Year 2000 Issue" is the result of computer programs written using two digits rather than four to define the applicable year. As a result, these computer programs may not properly recognize calendar dates beginning in the year 2000. This problem may cause systems to fail or miscalculate causing disruptions of operations, including a temporary inability to process transactions or engage in similar normal business activities. Based on recent assessments, the Company believes that it has an effective program in place to resolve the Year 2000 Issue in a timely manner, that its total internal Year 2000 Issue costs for information 10 11 LA JOLLA PHARMACEUTICAL COMPANY technology and non-information technology systems will be minimal and that its Year 2000 conversion requirements will be achieved through routine upgrades to its software programs. The Company expects these upgrades to be completed by the second quarter of 1999. These costs and the expected completion date are based on management's best estimates; there can be no assurance that these estimates will be achieved and actual results could differ materially from those anticipated. The Company's plan to resolve the Year 2000 Issue involves the following four phases: assessment, remediation, testing and implementation. To date, the Company has completed the assessment phase for approximately 65% of the systems that could be significantly affected by the Year 2000 Issue and has determined that the majority of the systems assessed so far do not require remediation to be Year 2000 compliant. In addition, the Company has initiated communications with most of its significant suppliers to determine the extent to which the Company's systems are vulnerable to those third parties' failure to remediate their own Year 2000 Issues. There can be no assurance that the systems of other companies on which the Company's systems rely will be timely converted and will not have an adverse effect on the Company's systems. The Company currently has no contingency plans in place in the event it does not complete all phases of the Year 2000 program. The Company plans to evaluate the status of completion in the second quarter of 1999 and determine whether such a plan is necessary. PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) EXHIBITS - --------------------------------------------------------------------------------
Exhibit Number Description - -------------------------------------------------------------------------------- 3.1 Intentionally omitted 3.2 Bylaws of the Company (1) 3.3 Restated Certificate of Incorporation of the Company (2) 27 Financial Data Schedule (3)
- -------------------------------------------------------------------------------- * This exhibit is a management contract or compensatory plan or arrangement. (1) Previously filed with the Company's Registration Statement on Form S-1 (No. 33-76480) as declared effective by the Securities and Exchange Commission on June 3, 1994 and incorporated herein by reference. (2) Previously filed with the Company's annual report on Form 10-K for the fiscal year ended December 31, 1994 and incorporated herein by reference. (3) Filed herein. (b) REPORTS ON FORM 8-K None 11 12 LA JOLLA PHARMACEUTICAL COMPANY SIGNATURE SEPTEMBER 30, 1998 Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. La Jolla Pharmaceutical Company Date: November 12, 1998 By: /s/ Wood C. Erwin ------------------------------------ Wood C. Erwin Vice President Finance Chief Financial Officer Signed both on behalf of the Registrant and as Principal Accounting Officer. 12 13 LA JOLLA PHARMACEUTICAL COMPANY INDEX TO EXHIBITS
Sequentially Exhibit Numbered Number Exhibit Page - ------- ------- ------------ 27 Financial Data Schedule 14
13 EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 9-MOS DEC-31-1998 JAN-01-1998 SEP-30-1998 14,099 6,902 0 0 0 452 3,982 (3,383) 23,277 3,420 0 0 0 185 19,672 23,277 0 6,005 0 0 12,952 0 6 (6,010) 0 (6,010) 0 0 0 (6,010) (.33) (.33)
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