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Shares of biotech

La Jolla Pharmaceuticals

(LJPC) - Get La Jolla Pharmaceutical Company Report

all but evaporated Tuesday after the company posted disappointing results in a trial of its treatment for lupus renal disease.

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The phase III trial found that the drug, Riquent, failed to meet its primary endpoint of lengthening the time to renal flare, a condition marked by an increase in serum creatinine, urine protein or blood in the urine.

The shares lost $6, or 80%, to $1.55 on the Instinet premarket session after publication of the data. La Jolla it will continue to analyze the data and then discuss it with regulators.

"Although the prospectively defined primary efficacy analysis in the intent- to-treat population did not demonstrate the level of efficacy expected, we believe the study shows a clear correlation between treatment with drug and improvements ? that are associated with a reduced risk of renal flares in the trial," the company said.

It added that its "guidance to investors and other will be limited during this time."