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Biotech / Medical : A Biotech Bash - Recs and Wrecks
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To: r. peter Dale who wrote (7)8/25/1997 10:22:00 PM
From: Henry Niman   of 171
 
Here's more info from LGND's 10K filed on 3/31/97 which defines the
relationship between Ron Evans, the Salk Institute, and LGND:

The Salk Institute of Biological Studies. In October 1988, Ligand
established an exclusive relationship with The Salk Institute which is one of
the leading research centers in the area of IR technology. Dr. Ronald Evans, who
cloned and characterized the first IR in 1985 and who invented the
co-transfection assay used by Ligand, is a professor in the Gene Expression
Laboratory of The Salk Institute and an Investigator of the Howard Hughes
Medical Institute. Under the agreement, Ligand has an exclusive, worldwide
license to the intracellular receptor technology developed by Dr. Evans'
laboratory at The Salk Institute. Subject to compliance with the terms of the
agreement, the term of the license extends for the life of the patents covering
such developments.

Under the agreement, Ligand made an initial payment to The Salk
Institute and issued shares of Common Stock as partial consideration for the
license. Ligand is also obligated to make certain royalty payments based on
sales of certain products developed using the licensed technology, as well as
certain minimum annual royalty payments.

Ligand also entered into exclusive consulting agreements with Dr. Evans
that continue through July 1998. Under these agreements, Dr. Evans has purchased
Common Stock and has been granted options to purchase Common Stock. As a
consultant, Dr. Evans meets on a regular basis with Company personnel to review
ongoing research and to assist Ligand in defining the technical objectives of
future research. Dr. Evans is also involved in identifying new developments made
in other leading academic laboratories which relate to Ligand's research
interests. Dr. Evans serves as Chairman of Ligand's Scientific Advisory Board.
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