Item 8.01 Other Events.
Corporate Update
On June 12, 2009, La Jolla Pharmaceutical Company (the "Company") filed a Current Report on Form 8-K that reported, among other things, that the Board of Directors had determined that it was in the best interests of the Company to wind down the business and to seek to discharge remaining obligations to creditors. Since that time, the Company has resolved the lawsuit filed against the Company and its directors by BioMarin Pharmaceutical Inc. and has discharged substantially all of its obligations to creditors. Following these actions, the Board has concluded, in light of the alternatives available to the Company, that a wind down of the Company's business continues to be in the best interests of the Company and its stockholders. Accordingly, the Company will continue to work to settle remaining obligations with creditors and, subject to final Board approval, the Company expects to present a plan of dissolution and liquidation to the Company's stockholders for approval at a special meeting. After discharging remaining obligations to creditors and net of expected wind-down expenses, the Company does not expect that there will be any significant remaining assets available for distribution to the Company's stockholders. Cautionary Statement Regarding Forward-Looking Statements The forward-looking statements in this report involve significant risks, assumptions and uncertainties, and a number of factors, both foreseen and unforeseen, could cause actual results to differ materially from our current expectations. Forward-looking statements include those that express a plan, belief, expectation, estimation, anticipation, intent, contingency, future development or similar expression. Readers should not rely upon forward-looking statements as predictions of future events. The outcome of the events described in these forward-looking statements are subject to the risks, uncertainties and other factors described above and in the "Risk Factors" contained in our Annual Report on Form 10-K for the year ended December 31, 2008 and in subsequent quarterly reports on Form 10-Q. The Company expressly disclaims any intent to update forward-looking statements.
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