July 28, 2014 06:29 PM Eastern Daylight Time
SAN DIEGO–(BUSINESS WIRE)–La Jolla Pharmaceutical Company (Nasdaq: LJPC) (the “Company” or “La Jolla”), a leader in the development of therapeutics targeting significant unmet life-threatening diseases, today announced the closing of its underwritten public offering of 5,395,000 shares of common stock at a public offering price of $10.50 per share, which includes the partial exercise of the underwriters’ option to purchase up to an additional 720,000 shares of common stock. Gross offering proceeds are approximately $56.6 million, including proceeds from the partial exercise of the underwriters’ option to purchase additional shares, before deducting customary underwriting discounts and commissions and offering expenses.
La Jolla intends to use the net proceeds from the offering for general corporate purposes, including funding its ongoing and future clinical trials, and for general and administrative expenses.
Jefferies LLC acted as sole book-runner for the offering. Chardan Capital Markets, LLC, H.C. Wainwright & Co., LLC, LifeSci Capital, LLC and Noble Financial Group, Inc. acted as co-managers for the offering.
The securities described above were offered pursuant to a shelf registration statement (File No. 333-197092), including a base prospectus, which was declared effective by the United States Securities and Exchange Commission (“SEC”) on July 11, 2014. The specific terms of the offering are described in a prospectus supplement filed with the SEC in connection with the offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. The offering was made only by means of the prospectus supplement and accompanying prospectus, copies of which may be obtained at the SEC’s website at www.sec.gov, or by request at Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, telephone: (877) 547-6340, e-mail: Prospectus_Department@Jefferies.com.
La Jolla Pharmaceutical Company
George F. Tidmarsh, M.D., Ph.D.
President & Chief Executive Officer
Chester S. Zygmont, III
Director of Finance