La Jolla Pharmaceutical's Q3 net loss, R&D spending up from prior year

By Lisa Kerner

Charlotte, N.C., Nov. 2 - La Jolla Pharmaceutical Co. reported a net loss for the third quarter ended Sept. 30 of $8.5 million, or $0.26 per share, which is greater than the net loss of $5.9 million, or $0.40 per share, reported for the third quarter of 2005.

The company's research and development expenses were up at $7.7 million for the quarter, from $5.0 million for the prior-year period, due in part to increased Riquent-related drug production and clinical trial expenses.

General and administrative expenses increased slightly to $1.5 million for the three months, from $1.1 million for the same period in 2005.

As of Sept. 30, LaJolla had cash, cash equivalents and short-term investments totaling $50.2 million, compared with $72.9 million as of Dec. 31, 2005.

For the nine months ended Sept. 30, LaJolla reported a net loss of $28.8 million, or $0.88 per share, compared with a net loss of $21.3 million, or $1.47 per share, for the year-ago period.

Research and development expenses for the nine-month period rose to $23.8 million from $17.5 million for the same period in 2005.

The San Diego-based biotechnology company's general and administrative expenses were also up at $7.2 million for the first nine months, from $4.2 million for the first nine months of 2005.

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