Printer Friendly

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 investors@ligand.com and request to be placed on our priority e-mail list. You may visit Ligand's Web site at http://www.ligand.com.

Ligand Pharmaceuticals releases are available via fax at no charge by calling 888/329-9832 or on the World Wide Web site at www.businesswire.com/cnn/lgnd.htm.
COPYRIGHT 1999 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1999, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1USA
Date:Jan 4, 1999
Words:465
Previous Article:Dorothy Brunson Joins Jefferson Bank Advisory Board.
Next Article:Rhonda R. Cohen Joins Jefferson Bank Advisory Board.


Related Articles
Allergan and Ligand form new research and development corporation to raise $100 million; File unit offering for $32.5 million.
Allergan Ligand Retinoid Therapeutics, Inc. Subscription Offering Declared Effective By SEC.
Ligand and Allergan Announce Buyout of Allergan Ligand Retinoid Therapeutics Inc.
Ligand and Private Investors Complete Second Investment in X-Ceptor.
Ligand Receives $13.9 Million From Exchange Offer for Certain Warrants; Strengthens Cash and Net Shareholders' Equity.
Ligand Reports First Quarter 2000 Results; Initiates Launch of Targretin Capsules While Burn Rate and Operating Losses Continue to Decline.
Ligand Receives $7.7 Million From Exercise of Warrants; Strengthens Cash and Net Shareholders' Equity.
Ligand Reports Results for Second Quarter and First Six Months 2000; Second Quarter Product Sales Up 154% and Net loss Per Share Down 25%.
Ligand, Elan Agree On Early Conversion of $20 Million Note, Early Exercise of Ligand Warrants.
Ligand Reports Financial Results for First Quarter 2002: Total Revenues Up 46%, Per Share Loss Down 50%; Product Sales Increase by 59%, Operating...

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters