Los Angeles-based LAACO Ltd. announced a plan...

Los Angeles-based LAACO Ltd. announced a plan to place the operations of the Los Angeles Athletic Club and the California Yacht Club into two new corporate subsidiaries, effective in December of 1997, that will satisfy the rules of the federal tax code regarding partnerships. . . . San Mateo-based SciClone Pharmaceuticals Inc. said it won federal approval to begin testing its cystic fibrosis drug CPX in patients, bypassing the normal first step of testing a drug in healthy volunteers.