Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 201.28

-2.1%

Nov 13 3:59 PM EST

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To: Henry Niman who wrote (23308)	7/17/1998 3:57:00 PM
From: JOEBT1	Read Replies (1) of 32384

Henry- I spoke to the CFO yesterday and he stated the that AGN had 3.4 million shares before any selling. He didn't know how shares AGN has sold. I got into a long discussion with him on their financing approach where most of their pharma deals involved purchase of stock by the pharma at a premium. This approach has led to a great increase in outstanding shares thereby diluting the stock holders equity. Thus while the market capitalization has gone up the market price has not. I also pointed that while the ALRT deal was very beneficial in providing money to develop the pipeline it had a very negative impact on the market price. While ALRT was an operating entity Farallon was shorting about 3 million shares, thereby having a negative effect on the stock price for a couple of years. After ALRT we now a 3+ million shares being sold again. I tried to make it clear to him that further stock dilution was not in the best interests of the company or the stockholders. He said he was very sensitive to that. (By the way with all warrants converted and the first half of the SRGN deal there would be 51 million shares outstanding.)

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