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Ligand Announces Early Exercise of Warrants.

SAN DIEGO--(BW HealthWire)--Jan. 4, 1999--Ligand Pharmaceuticals Incorporated (Nasdaq:LGND) announced today that it has received net proceeds of more than $12.5 million from institutional investors who elected to exercise early their warrants to purchase approximately 2.27 million shares of Ligand Common Stock prior to year end. Ligand has agreed to pay a cost of money incentive to the investors for the early exercise of these warrants.

According to Ligand Chairman, President and CEO David E. Robinson, "The additional capital provided from the early warrant exercise, historically included in fully diluted shares outstanding, appropriately strengthens our cash, balance sheet and net shareholder equity as we close out 1998 and enter our commercialization stage in 1999. This financial strength, together with the additional convertible note facility available to us from our Elan strategic alliance, enables us to execute our commercialization strategy in the United States and Europe and to opportunistically pursue product acquisitions during 1999."

The warrants were issued through a Ligand/Allergan Ligand Retinoid Therapeutics, Inc. (ALRT) public offering in 1995 of 3.25 million Units at $10.00 each. Each unit included one share of Callable Common Stock of ALRT and two warrants to purchase Ligand Common Stock at an exercise price of $7.12. The unexercised warrants expire on June 3, 2000.

Since 1989, Ligand Pharmaceuticals Incorporated has established a leadership position in gene transcription technology, particularly intracellular receptor (IR) technology and Signal Transducers and Activators of Transcription (STATs). Ligand has applied IR and STATs technology to the discovery and development of small molecule drugs to enhance therapeutic and safety profiles, and to address unmet patient needs in cancer, women's and men's health and skin diseases, as well as osteoporosis, metabolic cardiovascular and inflammatory diseases.

This statement may contain certain forward-looking statements by Ligand and actual results could differ materially from those described as a result of factors including, but not limited to, the following. There can be no assurance that any product in the Ligand pipeline will be successfully developed, that regulatory approvals will be granted, that patient and physician acceptance of these products will be achieved, that results of human clinical trials will be consistent with any pre-clinical results, or that any results will be supportive of regulatory approvals required to market products. Ligand undertakes no obligation to update the statements contained in this press release after the date hereof.

Note: If you would prefer to receive Ligand's press releases via e-mail please inform us at and request to be placed on our priority e-mail list. You may visit Ligand's Web site at

Ligand Pharmaceuticals releases are available via fax at no charge by calling 888/329-9832 or on the World Wide Web site at
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Publication:Business Wire
Geographic Code:1USA
Date:Jan 4, 1999
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