La Jolla Pharmaceutical Co. registered with the Securities andExchange Commission to sell 3 million shares of common stock toselected institutional investors.

Based on the San Diego company's stock (NASDAQ:LJPC) closingprice Wednesday of $3.69, which was up 12 cents, La JollaPharmaceutical would raise up to $11 million if all 3 million sharesare sold.

At the close of the first quarter, March 31, La Jolla Pharmaceuticalsaid it had a burn rate of about $2.62 million and $11.34 million incash. The company, which has 8.6 million shares outstanding,reported a net loss for the quarter of $2.43 million, or 28 cents pershare, compared with a loss of $3.14 million or 62 cents per share forthe same quarter a year ago. Shares outstanding in the first quarter of1994 totaled about 5 million.

La Jolla Pharmaceutical's lead product, LJP 394, is in Phase II trialsfor lupus. The drug is derived from the company's Tolerancetechnology, which makes molecules that bind to the surface of B cellsto shut off their production of disease-causing antibodies. LJP 394targets antibodies to double-stranded DNA, which are believed tocause kidney disease, the main killer of lupus patients. _ CharlesCraig

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