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Business
La Jolla Gets Cash Injection
October 17, 2005
| A version of this story appeared in
Volume 83, Issue 42
La Jolla Pharmaceutical has entered an agreement under which it will receive $66 million from a group of outside investors who will end up owning more than half of the cash-strapped firm. The firm's Riquent lupus treatment has received “fast track” status from FDA. Before approving the drug, however, the agency wants La Jolla to conduct another clinical trial, and in May the company warned that it didn't have enough money to complete it. La Jolla says the money should last for two years and get the company through the trial.
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