Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 197.01

-2.9%

Dec 1 3:59 PM EST

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To: jayhawk969 who wrote (28618)	3/31/1999 2:28:00 PM
From: Cheryl Galt	Read Replies (1) of 32384

Hi J.D. Yes, the quarter's earnings were well discussed, and the first wave of dilution due to the merger and the Elan deal, and the dilution due August 2nd. And i think we know that the one-time write-offs for in-process technology were $15M for Morphelan in 4Q and $30M for Ontak in 3Q. But look! Stockholders' Equity slipped from $35.35M at end of 1997 to negative $11.36M at end of 1998 -- quite a dubious distinction. And when i compare the current balance sheet to the one from 3Q 98, there's much i don't understand, and i hope you can help. ----------------- At end of 3Q98, Ligand had cash, cash equivalents, short-term investments and restricted cash of $43.6M. At end of 4Q98, that GREW to $72.5 million. Very nice!! But where'd the ~$30M come from ??? Since the 3Q, o the converts debt is about the same. o Accrued acquisition obligation is the same (37 + 3 + 10). o Current liabilities is up ~$8M. o Long-term debt is up ~$40M Any suggestions anyone ? Is there some kind of private financing going on?? TIA Cheryl PS - J.D., I didn't notice any leak-related selloff. I thought Ligand was swinging intra-day on [8.5 - 9.25] since the Lilly announcement. What am i missing?

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