The La Jolla Pharmaceutical Co. announced it has entered definitive agreements to raise $10 million by offering 96 million shares of stock at 7 cents per share. The transaction will also release 3,250 shares of Series F preferred stock at about $1,000 per share.

La Jolla Pharmaceutical Co. (OTC: LJPC) has a market capitalization of $2.44 million.

The company is developing products to treat hepatorenal syndrome, a chronic kidney disease.

MTS Securities LLC, an affiliate of MTS Health Partners LP, was the sole placement agent in the transaction.

— SDBJ Staff Report