La Jolla's 4th-qtr 2005 improves 45%

USA-based La Jolla Pharmaceutical's net loss for the fourth quarter ended December 31, 2005, improved 45.4% to $6.0 million, or $0.33 per share. However, this was less pronounced for full-year 2005, which saw a 32.3% improvement with a $27.4 million loss, or $1.77 per share.

The firm's healthy performance came on the back of a 3.8% drop in R&D expenses to $5.1 million for the three months ended December 2005, which resulted primarily from a reduction in expenses related to the purchase of raw materials for the production of Riquent (abetimus sodium), its drug candidate for lupus kidney disease, as well as less expenses on consulting and professional services related to the agent. The firm stressed that cost savings from its March 2005 restructuring were also key to the improvement.