La Jolla Pharmaceutical says 4Q net loss falls 46% to $6 million

By Angela McDaniels

Seattle, March 2 - La Jolla Pharmaceutical Co.'s net loss decreased by 46% to $6 million, or $0.33 per share, for the fourth quarter ended Dec. 31 from a net loss of $11.0 million, or $0.89 per share, for the fourth quarter of 2004, according to a company news release.

For the year ended Dec. 31, the net loss decreased by 32% to $27.4 million, or $1.77 per share, from a net loss of $40.5 million, or $3.40 per share, for the same period in 2004.

Research and development expenses decreased by 43% to $5.1 million for fourth-quarter 2005 from $8.9 million for the same period in 2004. For the year, it decreased by 32% to $22.6 million from $33.2 million a year earlier.

La Jolla attributed the decreases to three factors: a reduction in expenses related to the purchase of raw materials for the production of Riquent, the company's drug candidate for lupus kidney disease; a reduction in consulting and professional services due to a decrease in activities related to the development of the drug; and cost savings related to the company's March 2005 restructuring.

Cash, cash equivalents and short-term investments more than tripled to $72.9 million on Dec. 31 from $23.1 million a year earlier, according to the release.

La Jolla is a biotechnology company based in San Diego that develops therapeutics for antibody-mediated autoimmune diseases and inflammation.

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