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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 Riquentä 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™,
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.
 Third
Quarter 2003 Financial Report in PDF format
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