To me it looks like the connection string is in wrong format. Usually they look like something like this
Driver={SQL Server};Server=myServerAddress;Database=myDataBase;Uid=myUsername;Pwd=myPassword;
how it exactly looks like depends on your database, your driver, settings on PC and so on.
You can also try to create the connection using JMPs query builder and extract the connection string from there (it will Use New SQL Query instead of Open Database which I would also suggest you use as that is the method which is supposed to be supported in the future of JMP). The connection string it creates will be a bit different as it might prefix it with ODBC
-Jarmo