La Jolla to Cut Work Force by 40 Percent, Take Charge

La Jolla Pharmaceutical said it plans to cut its work force by about 40 percent, to a staff of 95, in order to cut costs. The move follows a recent announcement by the company that U.S. regulators are unlikely to give accelerated approval to its experimental drug Riquent for lupus kidney disease. La Jolla said termination costs will be about $1.5 million, of which about $1.3 million will be recorded in the first quarter and the remainder in the second quarter.

Reuters (http://reuters.com/newsArticle.jhtml?type=topNews&storyID=8035385)