La Jolla Pharmaceutical Announces Termination of Merger

  La Jolla Pharmaceutical Announces Termination of Merger Agreement with
  Adamis Pharmaceuticals

Business Wire

SAN DIEGO -- March 05, 2010

La Jolla Pharmaceutical Company (Pink Sheets: LJPC) today announced that La
Jolla and Adamis Pharmaceuticals Corporation (OTCBB: ADMP) have agreed to
terminate their merger agreement relating to the proposed merger of the two
companies. The termination follows La Jolla’s announcement on March 3, 2010,
that its common stock would be suspended and delisted from The NASDAQ Stock
Market (“Nasdaq”) effective at the open of business on March 4, 2010, and that
its stockholders failed to vote in sufficient quantities for there to be a
quorum to hold the stockholders’ meeting to approve the proposals related to
the merger. Holders of only thirteen percent (13%) of La Jolla’s outstanding
common stock had returned their proxy cards or otherwise indicated their votes
prior to the start of the stockholders’ meeting. The meeting and the
solicitation of further votes was canceled due to the delisting from Nasdaq.

“We were disappointed we were not able to secure enough votes from our
stockholders to close the proposed merger with Adamis, as we believe the
merger provided our stockholders with the best opportunity for potential
future value,” said Dr. Deirdre Y. Gillespie, La Jolla’s CEO. “Our board of
directors is evaluating the options available to La Jolla, which are very
limited largely because the structure of our stockholder base, 66 million
shares held by thousands of small stockholders, makes it extremely
challenging, if not impossible, to accomplish any transaction that requires a
stockholder vote.”

Immediately after Nasdaq suspended trading, the Company’s common stock began
being quoted on the Pink OTC Markets Inc. (the “Pink Sheets”).

Contact:

La Jolla Pharmaceutical Company
Gail A. Sloan
Vice President of Finance and Secretary
858-452-6600
gail.sloan@ljpc.com
 
Press spacebar to pause and continue. Press esc to stop.