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Miles
Km80.5

   

La Jolla Pharmaceutical Company (LJPC) Announces Results of Annual Stockholders Meeting


5/25/2012 9:09:45 AM

SAN DIEGO, CA--(Marketwire - May 25, 2012) - La Jolla Pharmaceutical Company (OTCQB: LJPC) (PINKSHEETS: LJPC) (the "Company" and "La Jolla") held its 2012 Annual Meeting of Stockholders on May 22. All matters submitted to a vote of the stockholders at the Annual Meeting were approved and all director nominees were elected.

The stockholders approved the following proposals 1) election of George Tidmarsh, M.D., Ph.D. to serve as a director until the 2014 Annual Meeting, 2) election of Saiid Zarrabian to serve as a director until the 2015 Annual Meeting, 3) ratification of BDO USA, LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2012; 4) amendment of the Company's 2010 Equity Incentive Plan to increase the number of shares that are available for issuance, and 5) approval of the change in the Company's corporate domicile from Delaware to California.

A high percentage of shares (90.3%) were voted. A total of 10,732,261 shares of common stock were present or represented by valid proxy at the Annual Meeting. The number of shares of common stock entitled to vote was 11,884,137.

The number of votes cast for and against and the number of abstentions and broker non-votes with respect to each matter voted upon are set forth below:

(i) (A) Election of one Class I Director

Director Nominee
Saiid Zarrabian
8,161,125 Votes For, 8,547 Votes Withheld.

(i) (B) Election of one Class III Director

Director Nominee
George Tidmarsh, M.D., Ph.D.
8,161,055 Votes For, 8,617 Votes Withheld.
There were 2,562,589 broker non-votes regarding the election of directors.

(ii) Ratification of BDO USA, LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2012

10,570,326 votes for, 161,677 votes against, and 258 votes abstained.
There were no broker non-votes regarding this proposal.

(iii) Approval of an amendment to the La Jolla Pharmaceutical Company 2010 Equity Incentive Plan to increase the number of shares that are available for issuance

8,147,206 votes for, 12,091 votes against, and 10,375 votes abstained.
There were 2,562,589 broker non-votes regarding this proposal.

(iv) Approval of the change in the Company's corporate domicile from Delaware to California

8,157,020 votes for, 11,399 votes against, and 1,253 votes abstained.
There were 2,562,589 broker non-votes regarding this proposal.

About La Jolla Pharmaceutical Company
La Jolla Pharmaceutical Company is a biopharmaceutical company dedicated to the development of treatments that significantly improve outcomes in patients with life-threatening diseases. GCS-100, the Company's product candidate, is a first-in-class inhibitor of galectin-3, a novel molecular target implicated in cancer and chronic organ failure.

Forward Looking Statement Safe Harbor
This document contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future results of operations. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different from these forward-looking statements. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they were made. Certain of these risks, uncertainties, and other factors are described in greater detail in the Company's filings from time to time with the U.S. Securities and Exchange Commission (SEC), all of which are available free of charge on the SEC's web site at http://www.sec.gov. These risks include, but are not limited to, risks relating to the development of GCS-100, the success and timing of future preclinical and clinical studies of this compound, and potential indications for which GCS-100 may be developed. Subsequent written and oral forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by the cautionary statements set forth in the Company's reports filed with the SEC. The Company expressly disclaims any intent to update any forward-looking statements.


Company Contact
George F. Tidmarsh, M.D., Ph.D.
President & Chief Executive Officer
La Jolla Pharmaceutical Company
(858) 646-6682
GTidmarsh@ljpc.com



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