Form 8-K for LA JOLLA PHARMACEUTICAL CO
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23-Jul-2009
Other Events
Item 8.01 Other Events.
Dismissal of BioMarin Lawsuit
On July 17, 2009, La Jolla Pharmaceutical Company (the "Company"), BioMarin Pharmaceutical Company ("BioMarin") and the Company's directors executed and delivered a Settlement Agreement and Mutual Release (the "Release"), pursuant to which (i) BioMarin released all claims previously asserted against the Company and its directors, as described in the Company's Current Report on Form 8-K filed June 12, 2009 (the "Form 8-K"), and (ii) the Company and its directors released all counterclaims that they may have otherwise asserted against BioMarin. Pursuant to the Release, BioMarin is required to dismiss the Lawsuit (defined below) with prejudice. Other than the mutual release of claims and the dismissal of the Lawsuit, no other consideration is provided for in the Release and no amounts will be paid to BioMarin. BioMarin had sued the Company and its directors in California Superior Court (the "Lawsuit"), alleging breach of contract, breach of covenant of good faith and fair dealing, and breach of fiduciary duty relating to the Company's registration of stock sold to BioMarin in January 2009 in connection with a license and development agreement for Riquent.
NASDAQ Listing Status
As reported in the Form 8-K, the Company was considering moving the listing of its common stock from The Nasdaq Global Market (the "Global Market") to The Nasdaq Capital Market (the "Capital Market") as a means of resolving a listing deficiency. On July 17, 2009, NASDAQ notified the Company that the listing of the Company's common stock was approved for transfer from the Global Market to the Capital Market and, effective as of the opening of business on July 21, 2009, the listing for the Company's common stock was transferred to the Capital Market. Notwithstanding the change in listing to the Capital Market, the stock continues to be traded under the symbol "LJPC."
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