SAN DIEGO, April 10 /PRNewswire-FirstCall/ -- La Jolla Pharmaceutical Company today announced that the underwriters of the Company’s recently completed public offering have exercised in full their over-allotment option to purchase an additional 870,000 shares of common stock from the Company at the initial offering price of $6.00 per share. The over-allotment option was granted in connection with the public offering by the Company of 5,800,000 shares of its common stock. The estimated aggregate net proceeds to the Company from the offering, including the proceeds from the over-allotment shares, will be approximately $38.0 million. The closing of the over-allotment is expected to occur on April 11, 2007.
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering may be made only by means of a prospectus supplement and the accompanying prospectus.
Needham & Company, LLC acted as sole lead bookrunning manager for the offering. A.G. Edwards & Sons, Inc. acted as a co-manager. A final prospectus supplement and the accompanying base prospectus have been filed with the Securities and Exchange Commission and is available on the SEC’s website at http://www.sec.gov. Copies of the final prospectus supplement and accompanying base prospectus may be obtained by making a request in writing to Needham & Company, LLC, 445 Park Avenue, New York, New York 10022.
This press release contains “forward-looking statements” within the meaning of federal securities law. The forward-looking statements in this press release are subject to numerous risks and uncertainties, including the risk that the offering of the over-allotment shares may not be completed as described herein, or at all.
About La Jolla Pharmaceutical Company
La Jolla Pharmaceutical Company is dedicated to improving and preserving human life by developing innovative pharmaceutical products. The Company’s leading product in development is Riquent(R), which is designed to treat lupus renal disease by preventing or delaying renal flares. Lupus renal disease is a leading cause of sickness and death in patients with lupus. The Company has also developed small molecules to treat various other autoimmune and inflammatory conditions. The Company’s common stock is traded on The NASDAQ Global Market under the symbol LJPC.
La Jolla Pharmaceutical Company
CONTACT: Andrew Wiseman, Ph.D., Sr. Director of Investor Relations of LaJolla Pharmaceutical Company, +1-858-646-6615, andrew.wiseman@ljpc.com; orShellie M. Roth, President of Investor Relations Partners, Inc.,+1-973-535-8389, roth@irpartners.com, for La Jolla Pharmaceutical Company
