Ligand Pharmaceuticals Files S-1 for Existing Employee & Director Stock Plans.

SAN DIEGO -- Ligand Pharmaceuticals Incorporated (Pink Sheets:LGND) announced today that it has filed a Form S-1 Registration Statement with the Securities and Exchange Commission for its existing employee stock plans: the employee and director stock incentive plan and the employee stock purchase plan. The S-1 seeks to register 7,988,793 shares, including 7,238,793 previously approved by stockholders and reserved under these plans (of which 7,002,507 have been previously granted as of December 31, 2005) plus 750,000 shares for the company's stock incentive plan, approved by the board in December 2005 and subject to approval by the stockholders at the upcoming annual meeting.

The registration statement is intended, if it is declared effective, to ensure that the issuance of shares under these plans to Ligand's employees, consultants, directors or other eligible individuals are made in compliance with federal law and may be freely resold, upon compliance with any state blue-sky laws or company-imposed trading restrictions that apply. The registration statement will also cover the resale of a limited number of shares previously issued by Ligand to directors and a consultant and former employee in reliance on exemptions under federal and state securities laws.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Ligand

Ligand discovers, develops and markets new drugs that address critical unmet medical needs of patients in the areas of cancer, pain, skin diseases, men's and women's hormone-related diseases, osteoporosis, metabolic disorders, and cardiovascular and inflammatory diseases. Ligand's proprietary drug discovery and development programs are based on its leadership position in gene transcription technology, primarily related to intracellular receptors. For more information, go to www.ligand.com.

Caution Regarding Forward-Looking Statements 

This news release contains forward-looking statements within the meaning of section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties and reflect Ligand's judgment as of the date of this release. These statements include those related to the registration of shares, compliance with state blue sky laws, the issuance, sale and resale of shares, the approval of additional shares by the stockholders and the effectiveness of the registration statement. Actual results may differ from Ligand's expectations. For example, there can be no assurance that the SEC will declare the registration statement effective, that the company will comply with state law requirements or that these shares may be issued or resold.

Additional information concerning these and other risk factors affecting Ligand's business can be found in prior press releases as well as in Ligand's public periodic filings with the Securities and Exchange Commission, available via Ligand's web site at www.ligand.com. Ligand disclaims any intent or obligation to update these forward-looking statements beyond the date of this release.