Wow, I'm suprised that this wasn't posted yet:
SAN DIEGO, Aug. 14 /PRNewswire/ -- Ligand Pharmaceuticals Incorporated
(NASDAQ:LGND) today reported revenues increased to $9.9 million in second
quarter ended June 30, 1997, compared with $8.5 million in second quarter
1996. For the six month period ended June 30, 1997, revenues increased to
$19.7 million from $17.3 million for the six months ended June 30, 1996. The
increase in revenues for both periods reflect increased revenue from Allergan
Ligand Retinoid Therapeutics, Inc. (ALRT).
Research and development expenses were $16.7 million in second quarter
ended June 30, 1997, an increase of $1.9 million over $14.8 million in second
quarter 1996. For the six month period ended June 30, 1997, research and
development expenses were $33.3 million in 1997 compared to $27.1 million for
the six month period in 1996, an increase of $6.2 million. Increased expenses
are primarily due to the expanded number of clinical trials and development
programs Ligand is conducting on its own and on behalf of ALRT. Selling,
general and administrative expenses were $2.6 million in both the second
quarter ended June 30, 1997 and second quarter 1996. For the six month period
ended June 30, 1997, selling, general and administrative expenses decreased to
$4.9 million from $5.2 million for the six month period in 1996. The 1997
selling, general and administrative expenses reflect personnel additions to
support expanded clinical and development programs however, the total 1996
expenses were comparable to 1997 due to higher legal expenses incurred in 1996
related to the settlement of future product rights litigation.
Net loss was $10.4 million in second quarter 1997 compared to
$10.0 million in second quarter 1996. For the six month period ended
June 30, 1997, net loss was $20.6 million in 1997 compared to $17.1 million in
1996. On a per share basis, net loss for second quarter 1997 was
$0.32 compared to a net loss of $0.36 per share, for the same period in 1996.
For the six month period, on a per share basis, net loss was $0.64 compared to
a net loss of $0.61 per share for the same period in 1996.
As of June 30, 1997 Ligand had cash, cash equivalents, short-term
investments and restricted cash of $63.6 million, a decrease of $20.6 million
from year-end 1996.
"Ligand's earnings results for the quarter were consistent with
management expectations as we expand our clinical and development programs and
related personnel," according to Paul V. Maier, Ligand Senior Vice President
and Chief Financial Officer. "With our current cash and future commitments,
Ligand is well positioned for commercialization of our most advanced products
in 1998 and profitability in the 1999 timeframe."
Since 1989, Ligand Pharmaceuticals Incorporated has established a
leadership position in gene transcription technology, particularly
intracellular receptors (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 major unmet patient needs in cancer, women's
and men's health and skin diseases, as well as osteoporosis, metabolic,
cardiovascular and inflammatory disease.
This press release 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; (a) that if a need for additional financing occurs such
financing will be available to the Company when required or that such
financing would be available under favorable terms; (b) that any product will
be successfully developed, that regulatory approvals will be granted, that
patient and physician acceptance of these products will be achieved or that
final results of human clinical trials will be consistent with any interim
results, or that results will be supportive of regulatory approvals required
to market products; or (c) that changes in the existing collaborative research
relationships will not occur, including their early termination. Ligand
undertakes no obligation to update the statements contained in this press
release after the date hereof.
See following tables.
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.
LIGAND PHARMACEUTICALS INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS INFORMATION
(Dollars in Thousands, Except Net Loss Per Share Data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1997 1996 1997 1996
Revenues:
Collaborative research
and development $9,799 $8,429 19,502 $17,140
Other 117 61 226 118
Total revenue 9,916 8,490 19,728 17,258
Costs and expenses:
Research and development 16,689 14,811 33,315 27,081
Selling, general
and administrative 2,559 2,554 4,878 5,172
Total operating expenses 19,248 17,365 38,193 32,253
Loss from operations (9,332) (8,875) (18,465) (14,995)
Interest income/(expense) - net (1,082) (1,165) (2,088) (2,125)
Net loss $(10,414) $(10,040) $(20,553) $(17,120)
Net loss per share $(.32) $(.36) $(.64) $(.61)
Shares used in computing
net loss per share 32,520 28,071 32,259 27,990
CONSOLIDATED BALANCE SHEETS INFORMATION
(Dollars in Thousands)
June 30, December 31,
1997 1996
(Unaudited)
Assets
Current assets:
Cash, cash equivalents and
short-term investments $60,269 $80,652
Other current assets 4,127 4,793
Total current assets 64,396 85,445
Restricted short-term investments 3,295 3,527
Property and equipment, net 14,981 11,680
Other assets 5,100 $1,488
$87,772 $102,140
Liabilities and Stockholders' Equity
Current liabilities $13,141 $13,765
Long-term debt 16,233 19,961
Convertible subordinated debentures 35,290 33,953
Stockholders' equity 23,108 34,461
$87,772 $102,140
SOURCE Ligand Pharmaceuticals Incorporated
-0- 08/14/97
/CONTACT: Paul V. Maier, Senior Vice President and Chief Financial
Officer of Ligand Pharmaceuticals Inc., 619-535-3900/
/Ligand Pharmaceuticals Incorporated press releases are available through
Company News On-Call by fax, 800-758-5804, extension 509313, or at
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