One week after La Jolla received disastrous news that the Riquent trial was being stopped because the drug was not working, and one month after Biomarin paid them $15M for that same drug, La Jolla has been visited by the axe fairy.

La Jolla announced today that they are “substantially” reducing their workforce and operating expense as they attempt to wind down the business. Unfortunately for La Jolla, Riquent was their only asset.

It was a good run guys.

Here’s what CEO Deirdre Gillespie said:

“We are very disappointed that the Riquent program was not successful. Following the receipt of the interim efficacy results, we have undertaken activities to rapidly reduce costs, paring down to the minimum necessary to carry out basic operations and address contractual obligations. Unfortunately, Riquent was our sole significant asset. The only other program in our research pipeline targeted SSAO inhibitors which are at an early preclinical stage and of minimum value.”

This is a brutal business guys — not for the faint-hearted scientist with big dreams or weary investor.

Take a look at the company’s 15-year stint…sad sad…

Image from La Jolla Pharmaceuticals

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