LJP losses 'improve' in 2004

San-Diego-based La Jolla Pharmaceutical reported a net loss for the fourth quarter ended December 31, 2004 of $11m, or $0.18 per share, compared with a net loss of $8.4m, or $0.17 per share for the fourth quarter of 2003.

The net loss for the twelve months ended December 31, 2004 was $40.5m, or $0.68 per share compared with a net loss of $38.8m, or $0.85 per share for the same period in 2003.

Research and development expenses increased to $8.9m for the three months ended December 31, 2004 from $6.4m for the same period in 2003 primarily due to the purchase of raw materials, which the company expects to use in the production of validation lots of Riquent (abetimus sodium) in 2005. The company expects to use the validation lots in connection with its ongoing clinical trial and for other purposes.

Research and development expenses slightly increased to $33.2m for the twelve months ended December 31, 2004 from $32.4m for the same period in 2003. This increase was primarily due to the increase in expenses noted above, offset by the decreases in costs incurred for clinical studies of Riquent, including the open-label follow-on clinical trial which was closed in April 2003 and the unblinding and analysis of the data from the Phase III trial of Riquent in the first quarter of 2003.

Cash, cash equivalents and short-term investments as of December 31, 2004 were $23.1m compared with $32.1m as of December 31, 2003. On February 2, 2005, the company sold 12,250,000 shares of its common stock in a public offering for net proceeds, after expenses, of approximately $15.8m.