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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT
TO SECTION 13 OR 15(D) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported): September&nbsp;24, 2013 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>LA JOLLA PHARMACEUTICAL COMPANY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>California</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>0-24274</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>33-0361285</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>4660 La Jolla Village Drive, Suite 1070, San Diego, California 92122 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices) (Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (858)&nbsp;207-4264 </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (<U>see</U> General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Entry into a Material Definitive Agreement. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Securities Purchase Agreement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September&nbsp;24, 2013, the Company entered into a Securities Purchase Agreement with the purchasers set forth on Schedule I thereto (the
&#147;<B><I>Securities Purchase Agreement</I></B>&#148;), pursuant to which the Company agreed to sell, for an aggregate price of $10 million, approximately 96,431,000 shares of the Company&#146;s Common Stock, par value $0.0001 per share (the
&#147;Common Stock&#148;), at a price of $0.07 per share (the &#147;<B><I>Common Shares</I></B>&#148;) and approximately 3,250 shares of Series F Convertible Preferred Stock at a price of $1,000 per share (the &#147;<B><I>Preferred
Shares</I></B>&#148; and, together with the Common Shares, the &#147;<B><I>Shares</I></B>&#148;) (the &#147;<B><I>Private Placement</I></B>&#148;). The Private Placement is expected to close on September&nbsp;27, 2013, subject to customary closing
conditions (the &#147;<B><I>Closing</I></B>&#148;). The estimated proceeds to the Company, net of commissions, will be approximately $9.7 million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Securities Purchase Agreement, the Company will designate a new series of preferred stock prior to the Closing: its Series F
Convertible Preferred Stock (the &#147;<B><I>Series F Preferred</I></B>&#148;). The Series F Preferred will be convertible into Common Stock at a conversion price equal to $1,000 divided by 14,285, with the conversion right for each holder subject
to a &#147;blocker&#148; with respect to such holders&#146; beneficial ownership, with each such &#147;blocker&#148; initially set at 9.99% . This blocker may be increased or decreased by a holder of Series F Preferred upon providing 61 days&#146;
prior written notice to the Company. The Series F Preferred will have no preferential dividend rights and is generally non-voting. The Series F Preferred has a liquidation preference that is senior to the Common Stock, but is <I>pari passu</I> with
the Company&#146;s Series C-1<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred (defined below). This liquidation preference entitles the holder of Series F Preferred stock to receive, in a merger, liquidation or certain other
extraordinary transactions, cash or property in an amount up to the face value of the shares ($1,000 per share), as set forth in the Certificate of Determination for the Series F Preferred (the &#147;<B><I>Certificate of
Determination</I></B>&#148;). A copy of the Certificate of Determination is filed herewith as Exhibit 4.1, the terms of which are incorporated herein by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Shares will be issued in a private placement transaction that is exempt from registration under Section&nbsp;4(a)(2) of the Securities Act
of 1933, as amended (the &#147;<B><I>Securities Act</I></B>&#148;) and pursuant to Rule 506 under the Securities Act. Each of the purchasers has represented that it is an accredited investor and that it is acquiring the Shares for investment only
and not with a view towards, or for resale in connection with, the public sale or distribution thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing is a summary of the
terms of the Securities Purchase Agreement and does not purport to be complete and is qualified in its entirety by reference to the full text of the Securities Purchase Agreement, a copy of which is filed herewith as Exhibit 10.1 and is incorporated
by reference herein. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendment and Restatement of Articles of Incorporation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a condition to Closing, the holders of a majority of the issued and outstanding Common Stock and the holders of the Series C-1<SUP
STYLE="font-size:85%; vertical-align:top">2</SUP> Convertible Preferred Stock (the &#147;<B><I>Series C-1<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred</I></B>&#148;) shall have approved the amendment and restatement of the
Company&#146;s Articles of Incorporation, in substantially the form attached hereto as Exhibit 4.2 (the &#147;<B><I>Amended and Restated Articles</I></B>&#148;). Upon the filing of the Amended and Restated Articles, the following series of preferred
stock will be eliminated: Series C-2<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Convertible Preferred Stock (the &#147;<B><I>Series C-2<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred</I></B>&#148;); Series D-1<SUP
STYLE="font-size:85%; vertical-align:top">2</SUP> Convertible Preferred Stock (the &#147;<B><I>Series D-1<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred</I></B>&#148;) and Series
D-2<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Convertible Preferred Stock (the &#147;<B><I>Series D-2<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred</I></B>&#148; and, together with the Series C-1<SUP
STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred, Series C-2<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred and Series D-1<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred, the &#147;<B><I>Existing
Preferred</I></B>&#148;). As a result of the elimination of these series of preferred stock, only the Series C-1<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred and Series F Preferred will remain designated as preferred stock of the
Company immediately after Closing. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, the Amended and Restated Articles, when filed with the California Secretary of
State, will: (i)&nbsp;increase the &#147;Conversion Price&#148; for the Series C-1<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred, resetting it to $1,000 divided by 86,202; and (ii)&nbsp;remove certain Series C-1<SUP
STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred rights, preferences, privileges and restrictions originally contained in the Articles of Incorporation, including: (a)&nbsp;all rights of the Holders to dividends accruing under Article
IV(d)(2) of the Company&#146;s Articles of Incorporation, to the extent such dividends otherwise would have accrued on or after September&nbsp;24, 2013; (b)&nbsp;certain protective provisions; and (c)&nbsp;limitations on conversion into Common Stock
set forth in Article IV(d)(3)(C)(i) of the Articles of Incorporation. The complete terms of the Amended and Restated Articles are set forth in Exhibit 4.2, the terms of which are incorporated herein by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company obtained approval of the Amended and Restated Articles by the holders of the Existing Preferred pursuant to the Consent Agreement
(defined below) and expects to obtain approval by the holders of the Common Stock by way of an action by written consent that will be executed prior to Closing. Subject to such approval, the Company expects to file the Amended and Restated Articles
after an Information Statement on Schedule 14C has been prepared and distributed to the Company&#146;s shareholders, pursuant to the Securities Exchange Act of 1934, as amended, and the California General Corporation Law. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consent and Waiver Agreement </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On
September&nbsp;24, 2013, the Company entered into a Consent and Waiver Agreement (the &#147;<B><I>Consent Agreement</I></B>&#148;) with the holders of the Existing Preferred (the &#147;<B><I>Holders</I></B>&#148;). Pursuant to the Consent Agreement,
the Holders agreed to tender to the Company for nominal consideration shares of Series D-1<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred, as well as all warrants to purchase shares of Existing Preferred. As a result of this
repurchase, and after giving effect to the transactions contemplated in the Exchange Agreement (described below), the Series C-1<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred will be the only series of preferred stock that remains
outstanding prior to the Closing and, as of the Closing, no purchase rights will exist for the Existing Preferred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Also in the Consent
Agreement, the Holders consented to the transactions contemplated under the Securities Purchase Agreement and agreed to waive the following rights appurtenant to the Series C-1<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred:
(i)&nbsp;all rights of the Holders to dividends accruing under Article IV(d)(2) of the Company&#146;s Articles of Incorporation, to the extent such dividends otherwise would have accrued on or after September&nbsp;24, 2013; (ii)&nbsp;the limitations
on conversion set forth in Article IV(d)(3)(C)(i) of the Articles of Incorporation; and (iii)&nbsp;the protective provisions set forth in Article IV(d)(11) of the Articles of Incorporation, to the extent applicable . </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Additionally, the Holders agreed in the Consent Agreement to increase the conversion price for the Series C-1<SUP
STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred, notwithstanding the conversion price set forth in the Company&#146;s Articles of Incorporation, such that the Conversion Price shall equal $1,000 divided by 86,202. This increase of the
conversion price will remain in effect until the Amended and Restated Articles are filed with the California Secretary of State, at which time the conversion price set forth in the Company&#146;s charter documents will again control the conversion
of the Series C-1<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">A copy of the Consent Agreement is filed herewith as
Exhibit 10.2, the terms of which are incorporated by reference herein. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exchange Agreement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On September&nbsp;24, 2013, the Company also entered into an Exchange Agreement (the &#147;<B><I>Exchange Agreement</I></B>&#148;) with the
Holders. Pursuant to the Exchange Agreement, the Holders exchanged a total of approximately 557 shares of Series C-2<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred for approximately 557 shares of Series C-1<SUP
STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred Stock (the &#147;<B><I>Exchange Shares</I></B>&#148;). The terms of the Series C-1<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred are substantially similar in all respects
to the Series C-2<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred and the exchange of the Series C-2<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Preferred eliminated all outstanding shares and allows for the removal of this
series of preferred stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company issued the Exchange Shares in a transaction exempt from the registration requirements of the
Securities Act by virtue of the exemption provided for in Section&nbsp;3(a)(9) of the Act for securities exchanged by the issuer with an existing security holder. No commission or other remuneration was paid or given directly or indirectly for
soliciting such exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of the Exchange Agreement is filed herewith as Exhibit 10.3, the terms of which are incorporated by
reference herein. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;3.02</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Unregistered Sale of Equity Securities. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The disclosures set forth above in
Item&nbsp;1.01 regarding the issuance of the Shares and the Exchange Shares are incorporated herein by reference. The disclosure set forth below under Item&nbsp;5.02 regarding the issuance of the Stock Awards is also incorporated herein by
reference. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;3.03</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Material Modification to Rights of Security Holders. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The disclosure set forth above in
Item&nbsp;1.01 is incorporated herein by reference. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Departure of Directors of Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Restricted Stock Awards </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On
September&nbsp;24, 2013, the Company issued restricted stock awards to the Company&#146;s officers, directors and key employees (the &#147;<B><I>Stock Awards</I></B>&#148;). The Stock Awards issued to officers and directors included the following:
(i)&nbsp;66,352,429 shares issued to George Tidmarsh, M.D., Ph.D., President, Chief Executive Officer and Director; and (ii)&nbsp;3,981,146 shares issued to Saiid Zarrabian, Director. The total number of Stock Awards issued represented approximately
87&nbsp;million shares of common stock. The Stock Awards were issued outside of the Company&#146;s existing shareholder-approved equity compensation plans, but will be governed in all respects as if issued under the 2013 Equity Plan (defined below).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Stock Awards issued to Dr.&nbsp;Tidmarsh vest pursuant to the following schedule, provided that Dr.&nbsp;Tidmarsh remains employed
with the Company during this time: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">4,739,459 shares vesting January&nbsp;20, 2015; </TD></TR></TABLE>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">4,739,459 shares vesting January&nbsp;20, 2016; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">18,957,836 shares vesting on the earlier of first drug approval or the Company&#146;s common stock trading for 20 consecutive days at $0.21/share; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">9,478,918 shares vesting on the Company&#146;s common stock trading for 20 consecutive days at $0.14/share; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">9,478,918 shares vesting on the Company&#146;s common stock trading for 20 consecutive days at $0.25/share; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">9,478,918 shares vesting on the Company&#146;s common stock trading for 20 consecutive days at $0.30/share; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">9,478,918 shares vesting on the Company&#146;s common stock trading for 20 consecutive days at $0.35/share. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Dr.&nbsp;Tidmarsh&#146;s awards will be forfeited if the vesting conditions are not met within seven years from the date of grant. In the
event of the Change of Control (as defined in the 2013 Equity Plan) or a termination without cause or Dr.&nbsp;Tidmarsh&#146;s resignation for good reason, the vesting of the Stock Awards issued to Dr.&nbsp;Tidmarsh will accelerate and such awards
will immediately become fully vested. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The awards issued to Mr.&nbsp;Zarrabian vest in full on March&nbsp;1, 2014, or sooner in certain
circumstances if Mr.&nbsp;Zarrabian is removed as a director without cause. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The offering of the Stock Awards was made pursuant to an
offering exemption afforded by Section&nbsp;4(2) of the Securities Act of 1933, as amended. No consideration was paid for the initial issuance of the Stock Awards, although consideration will be provided to the Company over the applicable vesting
period in the form of services to be rendered to the Company. The form of Restricted Stock Agreement pursuant to which the Equity Awards were granted is attached hereto as Exhibit 10.4, the terms of which are incorporated herein by reference. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Adoption of Equity Compensation Plan </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On
September&nbsp;24, 2013, the Board of Directors approved and adopted an equity compensation plan entitled the 2013 Equity Incentive Plan (the &#147;<B><I>2013 Equity Plan</I></B>&#148;). The 2013 Equity Plan is an omnibus equity compensation plan
that permits the issuance of various types of equity-based compensation, including options, stock awards, stock appreciation rights and restricted stock units, as well as cash awards, to employees, directors and eligible consultants of the Company.
The 2013 Equity Plan has a ten-year term and, subject to shareholder approval as provided under Section&nbsp;422 of the Internal Revenue Code of 1986, as amended, will permit the issuance of incentive stock options. The administrator under the plan
has broad discretion to establish the terms of awards, including the size, term, exercise price (if applicable) and applicable vesting conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The 2013 Equity Plan initially reserves for issuance a total of approximately 21,460,086 shares of Common Stock, subject to an annual increase
on or after January&nbsp;1 of each year (commencing on January&nbsp;1, 2014), such that the sum of: (i)&nbsp;the total number of shares of common stock issuable under the 2013 Equity Plan, plus (ii)&nbsp;the total number of shares issued pursuant to
the </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
2013 Equity Plan through December&nbsp;31 of the prior year, equals the lesser of: (x)&nbsp;10% of the total number of shares of common stock issued and outstanding as of such December&nbsp;31,
or (y)&nbsp;5% of the total number of shares of common stock issued and outstanding as of such December&nbsp;31, calculated on a fully diluted, as-converted basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">A copy of the 2013 Equity Plan is filed herewith as Exhibit 10.5, the terms of which are incorporated herein by reference. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.03</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The
disclosures set forth above in Item&nbsp;1.01 regarding the designation of the Series F Preferred and the approval of the Amended and Restated Articles are incorporated herein by reference. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.07</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Submission of Matters to a Vote of Security Holders. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The disclosures set forth above in
Item&nbsp;1.01 regarding the matters acted upon by the Holders pursuant to the Consent Agreement are incorporated by reference herein. Pursuant to the Consent Agreement, the Holders, acting by written consent dated as of September&nbsp;24, 2013,
approved the following actions by a unanimous vote of the Existing Preferred: (i)&nbsp;approval and adoption of the Amended&nbsp;&amp; Restated Articles; (ii)&nbsp;approval of the 2013 Equity Plan; and (iii)&nbsp;approval of the designation of the
Series F Preferred. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP><B>Exhibit&nbsp;No.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>Description</B></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Certificate of Determination of Series F Convertible Preferred Stock</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Amended &amp; Restated Articles of Incorporation</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Securities Purchase Agreement, dated September 24, 2013, by and among the Company and the purchasers named therein.</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent and Waiver Agreement, dated as of September 24, 2013</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Exchange Agreement, dated as of September 24, 2013</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Restricted Stock Agreement</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2013 Equity Incentive Plan</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">LA JOLLA PHARMACEUTICAL COMPANY</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: September&nbsp;25, 2013</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ George Tidmarsh</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">George Tidmarsh</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">President and Chief Executive Officer</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit Index </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP><B>Exhibit&nbsp;No.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>Description</B></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Certificate of Determination of Series F Convertible Preferred Stock</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Amended &amp; Restated Articles of Incorporation</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Securities Purchase Agreement, dated September 24, 2013, by and among the Company and the purchasers named therein.</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent and Waiver Agreement, dated as of September 24, 2013</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Exchange Agreement, dated as of September 24, 2013</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Restricted Stock Agreement</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2013 Equity Incentive Plan</TD></TR>
</TABLE>
</BODY></HTML>
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{"company-data": {"conformed-name": "LA JOLLA PHARMACEUTICAL CO", "cik": "0000920465", "assigned-sic": "2836", "irs-number": "330361285", "state-of-incorporation": "CA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-24274", "film-number": "131113440"}, "business-address": {"street1": "4370 LA JOLLA VILLAGE DR.", "street2": "SUITE 400", "city": "SAN DIEGO", "state": "CA", "zip": "92122", "phone": "858-452-6600"}, "mail-address": {"street1": "4370 LA JOLLA VILLAGE DR.", "street2": "SUITE 400", "city": "SAN DIEGO", "state": "CA", "zip": "92122"}}
8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): September 24, 2013
LA JOLLA PHARMACEUTICAL COMPANY
(Exact name of registrant as specified in its charter)
California
0-24274
33-0361285
(State or other jurisdiction
of incorporation or organization)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
4660 La Jolla Village Drive, Suite 1070, San Diego, California 92122
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (858) 207-4264
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (
see
General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01
Entry into a Material Definitive Agreement.
Securities Purchase Agreement
On September 24, 2013, the Company entered into a Securities Purchase Agreement with the purchasers set forth on Schedule I thereto (the
"
Securities Purchase Agreement
"), pursuant to which the Company agreed to sell, for an aggregate price of $10 million, approximately 96,431,000 shares of the Company's Common Stock, par value $0.0001 per share (the
"Common Stock"), at a price of $0.07 per share (the "
Common Shares
") and approximately 3,250 shares of Series F Convertible Preferred Stock at a price of $1,000 per share (the "
Preferred
Shares
" and, together with the Common Shares, the "
Shares
") (the "
Private Placement
"). The Private Placement is expected to close on September 27, 2013, subject to customary closing
conditions (the "
Closing
"). The estimated proceeds to the Company, net of commissions, will be approximately $9.7 million.
Pursuant to the Securities Purchase Agreement, the Company will designate a new series of preferred stock prior to the Closing: its Series F
Convertible Preferred Stock (the "
Series F Preferred
"). The Series F Preferred will be convertible into Common Stock at a conversion price equal to $1,000 divided by 14,285, with the conversion right for each holder subject
to a "blocker" with respect to such holders' beneficial ownership, with each such "blocker" initially set at 9.99% . This blocker may be increased or decreased by a holder of Series F Preferred upon providing 61 days'
prior written notice to the Company. The Series F Preferred will have no preferential dividend rights and is generally non-voting. The Series F Preferred has a liquidation preference that is senior to the Common Stock, but is
pari passu
with
the Company's Series C-1
2
Preferred (defined below). This liquidation preference entitles the holder of Series F Preferred stock to receive, in a merger, liquidation or certain other
extraordinary transactions, cash or property in an amount up to the face value of the shares ($1,000 per share), as set forth in the Certificate of Determination for the Series F Preferred (the "
Certificate of
Determination
"). A copy of the Certificate of Determination is filed herewith as Exhibit 4.1, the terms of which are incorporated herein by reference.
The Shares will be issued in a private placement transaction that is exempt from registration under Section 4(a)(2) of the Securities Act
of 1933, as amended (the "
Securities Act
") and pursuant to Rule 506 under the Securities Act. Each of the purchasers has represented that it is an accredited investor and that it is acquiring the Shares for investment only
and not with a view towards, or for resale in connection with, the public sale or distribution thereof.
The foregoing is a summary of the
terms of the Securities Purchase Agreement and does not purport to be complete and is qualified in its entirety by reference to the full text of the Securities Purchase Agreement, a copy of which is filed herewith as Exhibit 10.1 and is incorporated
by reference herein.
Amendment and Restatement of Articles of Incorporation
As a condition to Closing, the holders of a majority of the issued and outstanding Common Stock and the holders of the Series C-1
2
Convertible Preferred Stock (the "
Series C-1
2
Preferred
") shall have approved the amendment and restatement of the
Company's Articles of Incorporation, in substantially the form attached hereto as Exhibit 4.2 (the "
Amended and Restated Articles
"). Upon the filing of the Amended and Restated Articles, the following series of preferred
stock will be eliminated: Series C-2
2
Convertible Preferred Stock (the "
Series C-2
2
Preferred
"); Series D-1
2
Convertible Preferred Stock (the "
Series D-1
2
Preferred
") and Series
D-2
2
Convertible Preferred Stock (the "
Series D-2
2
Preferred
" and, together with the Series C-1
2
Preferred, Series C-2
2
Preferred and Series D-1
2
Preferred, the "
Existing
Preferred
"). As a result of the elimination of these series of preferred stock, only the Series C-1
2
Preferred and Series F Preferred will remain designated as preferred stock of the
Company immediately after Closing.
Additionally, the Amended and Restated Articles, when filed with the California Secretary of
State, will: (i) increase the "Conversion Price" for the Series C-1
2
Preferred, resetting it to $1,000 divided by 86,202; and (ii) remove certain Series C-1
2
Preferred rights, preferences, privileges and restrictions originally contained in the Articles of Incorporation, including: (a) all rights of the Holders to dividends accruing under Article
IV(d)(2) of the Company's Articles of Incorporation, to the extent such dividends otherwise would have accrued on or after September 24, 2013; (b) certain protective provisions; and (c) limitations on conversion into Common Stock
set forth in Article IV(d)(3)(C)(i) of the Articles of Incorporation. The complete terms of the Amended and Restated Articles are set forth in Exhibit 4.2, the terms of which are incorporated herein by reference.
The Company obtained approval of the Amended and Restated Articles by the holders of the Existing Preferred pursuant to the Consent Agreement
(defined below) and expects to obtain approval by the holders of the Common Stock by way of an action by written consent that will be executed prior to Closing. Subject to such approval, the Company expects to file the Amended and Restated Articles
after an Information Statement on Schedule 14C has been prepared and distributed to the Company's shareholders, pursuant to the Securities Exchange Act of 1934, as amended, and the California General Corporation Law.
Consent and Waiver Agreement
On
September 24, 2013, the Company entered into a Consent and Waiver Agreement (the "
Consent Agreement
") with the holders of the Existing Preferred (the "
Holders
"). Pursuant to the Consent Agreement,
the Holders agreed to tender to the Company for nominal consideration shares of Series D-1
2
Preferred, as well as all warrants to purchase shares of Existing Preferred. As a result of this
repurchase, and after giving effect to the transactions contemplated in the Exchange Agreement (described below), the Series C-1
2
Preferred will be the only series of preferred stock that remains
outstanding prior to the Closing and, as of the Closing, no purchase rights will exist for the Existing Preferred.
Also in the Consent
Agreement, the Holders consented to the transactions contemplated under the Securities Purchase Agreement and agreed to waive the following rights appurtenant to the Series C-1
2
Preferred:
(i) all rights of the Holders to dividends accruing under Article IV(d)(2) of the Company's Articles of Incorporation, to the extent such dividends otherwise would have accrued on or after September 24, 2013; (ii) the limitations
on conversion set forth in Article IV(d)(3)(C)(i) of the Articles of Incorporation; and (iii) the protective provisions set forth in Article IV(d)(11) of the Articles of Incorporation, to the extent applicable .
Additionally, the Holders agreed in the Consent Agreement to increase the conversion price for the Series C-1
2
Preferred, notwithstanding the conversion price set forth in the Company's Articles of Incorporation, such that the Conversion Price shall equal $1,000 divided by 86,202. This increase of the
conversion price will remain in effect until the Amended and Restated Articles are filed with the California Secretary of State, at which time the conversion price set forth in the Company's charter documents will again control the conversion
of the Series C-1
2
Preferred.
A copy of the Consent Agreement is filed herewith as
Exhibit 10.2, the terms of which are incorporated by reference herein.
Exchange Agreement
On September 24, 2013, the Company also entered into an Exchange Agreement (the "
Exchange Agreement
") with the
Holders. Pursuant to the Exchange Agreement, the Holders exchanged a total of approximately 557 shares of Series C-2
2
Preferred for approximately 557 shares of Series C-1
2
Preferred Stock (the "
Exchange Shares
"). The terms of the Series C-1
2
Preferred are substantially similar in all respects
to the Series C-2
2
Preferred and the exchange of the Series C-2
2
Preferred eliminated all outstanding shares and allows for the removal of this
series of preferred stock.
The Company issued the Exchange Shares in a transaction exempt from the registration requirements of the
Securities Act by virtue of the exemption provided for in Section 3(a)(9) of the Act for securities exchanged by the issuer with an existing security holder. No commission or other remuneration was paid or given directly or indirectly for
soliciting such exchange.
A copy of the Exchange Agreement is filed herewith as Exhibit 10.3, the terms of which are incorporated by
reference herein.
Item 3.02
Unregistered Sale of Equity Securities.
The disclosures set forth above in
Item 1.01 regarding the issuance of the Shares and the Exchange Shares are incorporated herein by reference. The disclosure set forth below under Item 5.02 regarding the issuance of the Stock Awards is also incorporated herein by
reference.
Item 3.03
Material Modification to Rights of Security Holders.
The disclosure set forth above in
Item 1.01 is incorporated herein by reference.
Item 5.02
Departure of Directors of Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Restricted Stock Awards
On
September 24, 2013, the Company issued restricted stock awards to the Company's officers, directors and key employees (the "
Stock Awards
"). The Stock Awards issued to officers and directors included the following:
(i) 66,352,429 shares issued to George Tidmarsh, M.D., Ph.D., President, Chief Executive Officer and Director; and (ii) 3,981,146 shares issued to Saiid Zarrabian, Director. The total number of Stock Awards issued represented approximately
87 million shares of common stock. The Stock Awards were issued outside of the Company's existing shareholder-approved equity compensation plans, but will be governed in all respects as if issued under the 2013 Equity Plan (defined below).
The Stock Awards issued to Dr. Tidmarsh vest pursuant to the following schedule, provided that Dr. Tidmarsh remains employed
with the Company during this time:
•
4,739,459 shares vesting January 20, 2015;
•
4,739,459 shares vesting January 20, 2016;
•
18,957,836 shares vesting on the earlier of first drug approval or the Company's common stock trading for 20 consecutive days at $0.21/share;
•
9,478,918 shares vesting on the Company's common stock trading for 20 consecutive days at $0.14/share;
•
9,478,918 shares vesting on the Company's common stock trading for 20 consecutive days at $0.25/share;
•
9,478,918 shares vesting on the Company's common stock trading for 20 consecutive days at $0.30/share; and
•
9,478,918 shares vesting on the Company's common stock trading for 20 consecutive days at $0.35/share.
Dr. Tidmarsh's awards will be forfeited if the vesting conditions are not met within seven years from the date of grant. In the
event of the Change of Control (as defined in the 2013 Equity Plan) or a termination without cause or Dr. Tidmarsh's resignation for good reason, the vesting of the Stock Awards issued to Dr. Tidmarsh will accelerate and such awards
will immediately become fully vested.
The awards issued to Mr. Zarrabian vest in full on March 1, 2014, or sooner in certain
circumstances if Mr. Zarrabian is removed as a director without cause.
The offering of the Stock Awards was made pursuant to an
offering exemption afforded by Section 4(2) of the Securities Act of 1933, as amended. No consideration was paid for the initial issuance of the Stock Awards, although consideration will be provided to the Company over the applicable vesting
period in the form of services to be rendered to the Company. The form of Restricted Stock Agreement pursuant to which the Equity Awards were granted is attached hereto as Exhibit 10.4, the terms of which are incorporated herein by reference.
Adoption of Equity Compensation Plan
On
September 24, 2013, the Board of Directors approved and adopted an equity compensation plan entitled the 2013 Equity Incentive Plan (the "
2013 Equity Plan
"). The 2013 Equity Plan is an omnibus equity compensation plan
that permits the issuance of various types of equity-based compensation, including options, stock awards, stock appreciation rights and restricted stock units, as well as cash awards, to employees, directors and eligible consultants of the Company.
The 2013 Equity Plan has a ten-year term and, subject to shareholder approval as provided under Section 422 of the Internal Revenue Code of 1986, as amended, will permit the issuance of incentive stock options. The administrator under the plan
has broad discretion to establish the terms of awards, including the size, term, exercise price (if applicable) and applicable vesting conditions.
The 2013 Equity Plan initially reserves for issuance a total of approximately 21,460,086 shares of Common Stock, subject to an annual increase
on or after January 1 of each year (commencing on January 1, 2014), such that the sum of: (i) the total number of shares of common stock issuable under the 2013 Equity Plan, plus (ii) the total number of shares issued pursuant to
the
2013 Equity Plan through December 31 of the prior year, equals the lesser of: (x) 10% of the total number of shares of common stock issued and outstanding as of such December 31,
or (y) 5% of the total number of shares of common stock issued and outstanding as of such December 31, calculated on a fully diluted, as-converted basis.
A copy of the 2013 Equity Plan is filed herewith as Exhibit 10.5, the terms of which are incorporated herein by reference.
Item 5.03
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
The
disclosures set forth above in Item 1.01 regarding the designation of the Series F Preferred and the approval of the Amended and Restated Articles are incorporated herein by reference.
Item 5.07
Submission of Matters to a Vote of Security Holders.
The disclosures set forth above in
Item 1.01 regarding the matters acted upon by the Holders pursuant to the Consent Agreement are incorporated by reference herein. Pursuant to the Consent Agreement, the Holders, acting by written consent dated as of September 24, 2013,
approved the following actions by a unanimous vote of the Existing Preferred: (i) approval and adoption of the Amended & Restated Articles; (ii) approval of the 2013 Equity Plan; and (iii) approval of the designation of the
Series F Preferred.
Item 9.01.
Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
4.1
Form of Certificate of Determination of Series F Convertible Preferred Stock
4.2
Form of Amended & Restated Articles of Incorporation
10.1
Securities Purchase Agreement, dated September 24, 2013, by and among the Company and the purchasers named therein.
10.2
Consent and Waiver Agreement, dated as of September 24, 2013
10.3
Exchange Agreement, dated as of September 24, 2013
10.4
Form of Restricted Stock Agreement
10.5
2013 Equity Incentive Plan
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
LA JOLLA PHARMACEUTICAL COMPANY
Date: September 25, 2013
By:
/s/ George Tidmarsh
Name:
George Tidmarsh
Title:
President and Chief Executive Officer
Exhibit Index
Exhibit No.
Description
4.1
Form of Certificate of Determination of Series F Convertible Preferred Stock
4.2
Form of Amended & Restated Articles of Incorporation
10.1
Securities Purchase Agreement, dated September 24, 2013, by and among the Company and the purchasers named therein.
10.2
Consent and Waiver Agreement, dated as of September 24, 2013
10.3
Exchange Agreement, dated as of September 24, 2013
10.4
Form of Restricted Stock Agreement
10.5
2013 Equity Incentive Plan