La Jolla Pharmaceutical Company Announces Going Concern Opinion and Receipt of Nasdaq Staff Deficiency Letter April 8, 2009 - 6:41 PM EDT
La Jolla Pharmaceutical Company (Nasdaq: LJPC), a specialty pharmaceutical company, today announced that its consolidated financial statements for the fiscal year ended December 31, 2008, included in the Company's annual report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2009, contained a going concern qualification from its independent registered public accounting firm. This announcement is being made in compliance with Nasdaq Marketplace Rule 4350(b)(1)(B), which requires separate disclosure of the receipt of an audit opinion that contains a going concern qualification. This announcement does not represent any change or amendment to the Company's 2008 financial statements or to its annual report on Form 10-K.
La Jolla also announced that it received a letter on April 3, 2009, from The Nasdaq Stock Market ("Nasdaq") notifying the Company that it is not in compliance with Nasdaq Marketplace Rule 4450(a)(3) because the Company's stockholders' equity at December 31, 2008, was less than the $10.0 million required for continued listing on The Nasdaq Global Market. In the notice, Nasdaq requested that the Company provide a plan to regain compliance with the continued listing requirements of The Nasdaq Global Market within 15 days. Nasdaq will contact the Company with any questions or concerns regarding the plan. If Nasdaq does not accept the plan, it will provide the Company with a written notification that its securities will be delisted from The Nasdaq Global Market. If it receives a notification, the Company may then apply to move its listing to The Nasdaq Capital Market or appeal Nasdaq's delisting determination to a Nasdaq Listing Qualifications Panel. The Company intends to submit a plan with Nasdaq within the required time period to maintain its listing on The Nasdaq Global Market and would expect to apply to move the listing to the Nasdaq Capital Market if the compliance plan is not accepted.
This announcement is being made in compliance with Marketplace Rule 4803(a), which requires the Company to make a public announcement through the news media disclosing receipt of the Nasdaq letter and the Nasdaq rules upon which it is based.
Company Contact: La Jolla Pharmaceutical Company Andrew Wiseman, Ph.D. Sr. Director of Investor Relations 858-646-6615 andrew.wiseman@ljpc.com
Source: Business Wire (April 8, 2009 - 6:41 PM EDT)
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