La Jolla Pharmaceutical Co. has completed its initial purchase offering(IPO) and its shares and warrants are now trading on NASDAQ underthe symbols LJPC and LJCPW. The IPO consisted of 2.6 million unitsat $5 per unit, with each unit representing one common share and oneredeemable warrant to purchase one half of a share at $3 each half. Theshares and warrants immediately began trading separately.The company raised $11.9 million through the offering. If theunderwriter, D. Blech & Co. Inc., of New York, exercises its option topurchase an over-allotment of 390,000 units, the amount raised wouldclimb to $13.6 million.When San Diego-based La Jolla filed its IPO on March 18, it hoped tosell 2.8 million common shares for $7.50 to $9 a share. Theadjustments required to launch its IPO successfully reflect theuncertainties of the market that make it necessary to restructureofferings to meet more modest goals. (For more information, seeBioWorld Financial Watch, June 6, 1994, p.1.)La Jolla is engaged in the research and development of highly specifictherapeutics for the treatment of autoimmune and inflammatorydiseases. The company hopes to begin a Phase I trial of its compoundLJP 394 for the treatment of lupus before the end of the year, saidAndrew Wiseman, its director of business development. _ PhilippaMaister
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