Yesterday, shares of La Jolla Pharmaceutical Company (PINK:LJPCD) plunged down at their all times low. Looks, at least for now, investor lost their believe in the future of the company, fostered almost twenty two years.

Even classical tools for the company and its stock revitalising look as of yesterday useless.

La Jolla Pharmaceutical Company has been incorporated in the far 1989. Over the years LJPCD remains loyal to its own business approach, oppose to many firms that are changing it often. La Jolla is focused on the pharmaceutical industry since the last century.

Almost seven years ago the company started the development and testing of the product named “Riquent” as a treatment for Lupus nephritis. It was being studied up to the Phase 3 clinical trial, called the “ASPEN” trial, which was determined to be futile in February 2009. The same year, the ASPEN trial and the development of Riquent were discontinued.

In unison with the development of company's product, its shares, being traded on the NASDAQ market years ago, landed on the middle tier of the OTC market.

This year, after more than two decades of existence, the convinced in its potential La Jolla Pharmaceutical Company reincarnated.

In March, the company entered into an asset purchase agreement with the Delaware corporation, GliaMed, Inc.. La Jolla negotiated to acquire GliaMed’s rights and assets related to the regenerative immunophilin ligand compounds.

As a result of the agreement, La Jolla Pharmaceutical Company received a “second chance to live”, adding even to its stock symbol the fifth letter “D”. Unfortunately, the “D” sign, per se, is not able to metamorphose the company in to a development one.

Maybe, this was also one of reasons the management of La Jolla to gear up last year and to execute last month a restructuring of company's capital.

Few weeks ago, a 1-for-100 reverse split of company's outstanding common stock was effected.

As chart here shows, the reverse split, as a traditional tool for shares price “improvement” and the company's value increasing had an effect for a too short time.

Yesterday, the stock of La Jolla Pharmaceutical Company continues to dive deeper under the pressure of 4.77M shares changed hands. The tight trading range within the range of $0.03 - $0.09 per share was possibly recognised as a terrific investment opportunity only by traders with short positions.

Who knows, maybe in the nearest future the reincarnation of La Jolla Pharmaceutical Company may bring benefits to its holders in a long term.

At present, even on company's web site there is no enough information related to the new development plans of La Jolla. This could be also a possible factor for company's market valuation by the investor at only $31K as of yesterday.