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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: Henry Niman who wrote (29293)	9/21/1999 8:51:00 AM
From: celeryroot.com	Read Replies (1) \| Respond to of 32384

igand Receives Milestone for AHP Pre-Clinical Development Stage Compound SAN DIEGO, CA - September 21, 1999 -- Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announced today that Wyeth-Ayerst Laboratories, the pharmaceutical division of American Home Products Corporation (NYSE: AHP), has elected to proceed with pre-clinical development of the clinical candidate WAY160910, a non-steroidal progesterone receptor antagonist, triggering an undisclosed milestone payment to Ligand under the research collaboration agreement signed in September 1994. Ligand will receive additional milestone payments and royalties if WAY160910 continues through IND filing and development and receives marketing approval. "We are pleased with the recent progression of WAY160910 within AHP. Because of its unique characteristics, WAY160910 may be useful in the creation of the first estrogen-free oral contraceptive, thus providing a novel approach to oral contraception," said Andres Negro-Vilar, M.D., Ph.D., Ligand Senior Vice President and Chief Scientific Officer. WAY160910 is the third compound resulting from the Ligand / Wyeth-Ayerst research and development collaboration. This collaboration was initiated in September 1994 to discover and develop drugs for use in hormone replacement therapy, anti-cancer therapy, gynecological diseases, central nervous system disorders associated with menopause, contraception, and osteoporosis. The research phase of the Wyeth-Ayerst collaboration ended in 1998, having brought forth not only the ongoing progestin modulators but also two tissue selective estrogen receptor modulators, or "SERMs". These are TSE424 for the treatment of osteoporosis in post-menopausal women, now in Phase II clinical trials, and ERA923 for breast cancer in women, now in Phase I clinical trials.