Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 199.20

+0.1%

Nov 21 9:30 AM EST

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To: Andreas Helke who wrote (22044)	6/11/1998 12:55:00 AM
From: Spekulatius	Read Replies (3) of 32384

Share dilution-- Someone on this thread brought up a very important point - the issue of stock,or stock dilution. If you look at the number from wsrn easily accessible from SI, you will see, that the # of stocks from 94 till now has increased from about 19Mill to 39 Mill shares. This is an tremendous dilution of stock even for a biotech. LGND has racked up 100M$ of losses in the last two years...all financed by new share issues. In my opinion this lack of consciousness for shareholder value is the reason for the low share price. My opinion is,that marketing a new drug, like ONTAK or Panretin will even increase capital requirements, before a positive cash flow can be established,which will force further dilution in the near future. Nobody here in this thread questions the quality of LGND's research but more consciousness about shareholders value would help the stock more than another alliance or another research project... IMHO

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