SAN DIEGO, March 15, 2018 (GLOBE NEWSWIRE) -- La Jolla Pharmaceutical Company (Nasdaq:LJPC) (La Jolla), a leader in the development of innovative therapies intended to significantly improve outcomes in patients suffering from life-threatening diseases, today announced the pricing of its underwritten public offering of 3,400,000 shares of its common stock at a price to the public of $29.50 per share, resulting in gross proceeds of approximately $100.3 million before underwriting discounts. In addition, La Jolla has granted the underwriter of the offering an option for a period of 30 days to purchase up to an additional 510,000 shares of the company's common stock at the public offering price, less the underwriting discount.

Cowen is acting as the sole book-running manager for the offering.

La Jolla intends to use the proceeds from the proposed sale of its shares of common stock for general corporate purposes, which include, but are not limited to, the continued commercialization of GIAPREZA™ (angiotensin II), funding its ongoing and future clinical trials of LJPC-401, preclinical development work and other administrative expenses.

The offering is expected to close on or about March 19, 2018, subject to satisfaction of customary closing conditions.

The offering is being made pursuant to a registration statement that was filed with the Securities and Exchange Commission and became effective on November 21, 2017. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. Copies of the final prospectus supplement (when available) and accompanying prospectus relating to these securities may also be obtained by sending a request to: Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by telephone at (631) 274-2806.

Company Contacts

Sandra Vedrick
Director, Investor Relations & Human Resources
La Jolla Pharmaceutical Company
Phone: (858) 207-4264 Ext: 1135
Email: svedrick@ljpc.com

and

Dennis M. Mulroy
Chief Financial Officer
La Jolla Pharmaceutical Company
Phone: (858) 207-4264 Ext: 1040
Email: dmulroy@ljpc.com