La Jolla Pharmaceutical Sets Vote to Shut Down

La Jolla Pharmaceutical (NASDAQ: LJPC) has scheduled a special shareholder meeting for Oct. 30 to vote on a plan of liquidation and dissolution. If approved, the biotech expects to satisfy remaining debts and distribute remaining cash to shareholders. With estimated cash of $4.4 million at the end of August, the company estimates the distribution to the company’s 66 million shareholders would fall between 2.8 cents and 4.5 cents a share.

Bruce V. Bigelow was the editor of Xconomy San Diego from 2008 to 2018. Read more about his life and work here. Follow @bvbigelow

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