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Biotech / Medical : Ligand (LGND) Breakout!
LGND 195.35-0.8%Dec 2 3:59 PM EST
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To: Machaon who wrote (22072)6/11/1998 12:35:00 PM
From: Henry Niman  Read Replies (1) of 32384
 
H&Q came out with a LGND report this morning. They reiterated their BUY rec and had this to say about topical Panretin:
NDA Filing for Panretin On Schedule
ú On May 27, Ligand announced that it had filed its first new drug application (NDA) for topical Panretin fir
treating patients with AIDS-related Kaposi's sarcoma. The NDA package included clinical data from the
international and North American pivotal Phase III trials. We believe that potential approval of the product
could come by year-end 1998.
ú The international Phase III data demonstrated an overall response rate of 37.1% (23 of 62 patients) in the
treatment arm versus a response rate of 6.9% (5 of 72 patients) in the placebo arm (p value=0.00003). The
international Phase III data were consistent with the results from the North American Phase III trial
announced in December 1997. These results showed an overall response rate of 35.1% (47 of 134) in the
treatment arm compared with 17.9% (24 of 134) in the placebo arm ( p value=0.002).
ú Given the favorable safety profile and efficacy demonstrated thus far, Panretin may become the first treatment
of choice for AIDS patients with early stage KS. We believe that Panretin represents a $20-40 million
opportunity for Ligand which would help bring the company to profitability in 1999.
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