La Jolla Pharmaceutical Co (LJPC)

[brony]

SAN DIEGO, CA, Dec 10, 2012 - La Jolla Pharmaceutical Company ( LJPC) , a leader in the development of therapeutics that target galectin-3, announced today that the Company and the holders of its preferred stock have entered into a consent and waiver agreement that released $2.9 million of previously restricted cash to the Company to fund operations. The holders of the Company's Preferred Stock also waived the right to redeem their preferred stock on January 20, 2013. More information regarding the consent and wavier agreement are provided in a Current Report on Form 8-K that the Company filed with the Securities and Exchange Commission on December 10, 2012.

"This financing is an important milestone for La Jolla. We thank our investors for their confidence in our team and the program we have planned for GCS-100," said George Tidmarsh, M.D., Ph.D., La Jolla's President and Chief Executive Officer. "This furthers our efforts to one day bring relief to patients suffering from chronic kidney disease and other life-threatening conditions."