La Jolla Pharmaceutical faces Nasdaq delisting, plans appeal

By Angela McDaniels

Seattle, Oct. 26 - La Jolla Pharmaceutical Company said it received a letter from the Nasdaq Listing Qualifications Department on Tuesday indicating that the company is not in compliance with the minimum $1.00 bid price requirement for continued listing and is subject to delisting.

Shares of La Jolla were at $0.61 at the close on Wednesday.

The company said it intends to make a request for a hearing before a Nasdaq Listing Qualifications Panel, which will automatically stay the delisting of its common stock pending the panel's review and determination.

However, the company gave no assurances that the panel will grant its request for continued listing.

San Diego, Calif.-based La Jolla Pharmaceutical Company is a biotechnology company developing therapeutics for antibody-mediated autoimmune diseases and inflammation.

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