La Jolla Pharmaceutical given more time to comply with Nasdaq standards

New York, Dec. 21 - La Jolla Pharmaceutical Co. said that Nasdaq has given it more time to comply with the minimum bid price rule.

The company now has until Jan. 6 to meet the requirement that its stock close at $1.00 or higher for 10 consecutive trading days.

La Jolla also said it completed its one-for-five reverse stock split, a move intended to help achieve compliance with the Nasdaq rule. The stock will trade on the new basis beginning Thursday.

La Jolla's stock closed at $0.83 pre-split Wednesday.

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

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