LA JOLLA PHARMACEUTICAL COMPANY ANNOUNCES
$51.6 MILLION PRIVATE PLACEMENT
SAN DIEGO, January 15, 2002 - La Jolla
Pharmaceutical Company (Nasdaq: LJPC)
today announced that it has entered
into definitive purchase agreements
for the sale of an aggregate of seven
million shares of newly issued Common
Stock to selected institutional and
other accredited investors for gross
proceeds of approximately $51.6 million.
The purchase price was $7.37 per share.
The transactions are expected to close
by January 18, 2002. UBS Warburg LLC
and Pacific Growth Equities, Inc. served
as placement agents for these transactions.
The shares of Common Stock have not
been registered under the Securities
Act of 1933, as amended, and may not
be offered or sold in the United States
absent registration, or an applicable
exemption from registration. The Company
has agreed to register these shares
for resale. This press release does
not constitute an offer of any securities
for sale.
The Company intends to use net proceeds
from this private placement for research
and development, including clinical
trials of the Company's product candidates,
and for working capital and general
corporate purposes.
La Jolla Pharmaceutical Company is
a biotechnology company developing therapeutics
for antibody-mediated autoimmune diseases.
Statements made in this press release
about La Jolla Pharmaceutical's sale
of stock and plans regarding use of
the net proceeds from the sale are forward-looking
statements and are subject to a number
of uncertainties that could cause actual
events to differ materially from the
statements made, including risks associated
with the success of clinical trials,
the progress of research and product
development programs, the regulatory
approval process, competitive products,
future capital requirements and the
extent and breadth of La Jolla Pharmaceutical's
patent portfolio. Interested parties
are urged to review the risks detailed
from time to time in La Jolla Pharmaceutical
Company's Securities and Exchange Commission
filings, including the report on Form
10-K as amended for the year ended December
31, 2000 and in Form 10-Q for the quarter
ended September 30, 2001.
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