SAN DIEGO, November 4, 2002 -- La Jolla Pharmaceutical Company (Nasdaq: LJPC) reported a net loss for the third quarter ended September 30, 2002 of $10.7 million or $0.25 per share (on 42.4 million weighted average shares) compared to a net loss of $5.3 million or $0.15 per share (on 35.2 million weighted average shares) for the third quarter of 2001. The net loss for the nine months ended September 30, 2002 was $30.2 million or $0.72 per share (on 41.9 million weighted average shares) compared to a net loss of $18.0 million or $0.52 per share (on 34.4 million weighted average shares) for the same period in 2001.

Research and development expenses increased to $9.4 million for the three months and $26.4 million for the nine months ended September 30, 2002 compared to $4.9 million and $17.4 million for the same periods in 2001, respectively. The increase was primarily due to expenses associated with the Company's Phase III clinical trial of its lupus drug candidate, LJP 394, and the Phase I/II clinical trial of its thrombosis drug candidate, LJP 1082, which was initiated in November 2001.

Cash, cash equivalents and short-term investments as of September 30, 2002 were $65.4 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.

La Jolla Pharmaceutical Company is a biotechnology company leading the development of therapeutics for antibody-mediated autoimmune diseases afflicting several million people in the United States and Europe. The Company is conducting a Phase III trial of LJP 394 in patients with lupus kidney disease, a leading cause of sickness and death in these patients. The Company recently completed a Phase I/II trial of 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. Our analyses of clinical results of 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 future analyses 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 LJP 394 is experimental, has been validated internally but has not been validated by independent laboratories, may require regulatory approval and may be necessary for the approval and the commercialization of LJP 394. 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. Even if results are promising, the U.S. Food and Drug Administration ("FDA") may require additional clinical trials. The Company's ability to develop and sell its 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; successfully marketing products; receiving future revenue from product sales or other sources such as collaborative relationships; future profitability; the need for additional financing; our dependence on patents and other proprietary rights; FDA approval of our manufacturing facilities; the increase in capacity of our manufacturing capabilities for possible commercialization; and our lack of marketing experience. 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 other reports and registration statements filed with the Securities and Exchange Commission from time to time, including the report on Form 10-K for the year ended December 31, 2001.

Third Quarter Financial Report in PDF format