La Jolla Pharmaceutical Dropped From Nasdaq

San Diego-based La Jolla Pharmaceuticals, the failed biopharmaceuticals firm which was previously developing treating lupus renal disease, reported today that it has received notification from the Nasdaq that it will be delisted from the market as of Thursday. The Nasdaq denied the company's request for continued listing on the market, and determined that the company is now a "public shell" due to its nominal assets and operations. La Jolla Pharmaceuticals said it will be quoted on the Pink OTC market (pnnk sheets) after delisting, and is looking to be quoted on the OTCBB. La Jolla wound down its operations last year, after the failure of its Phase 3 trials and layoff of almost all of its staff.