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

To: aknahow who wrote (31153)	9/13/2002 12:19:59 AM
From: SemiBull	Read Replies (1) \| Respond to of 32384

Ligand Earns Two Milestones as Wyeth Advances Early-Stage Products for Women's Health NSP-989 Enters Clinical Development for Contraception, HRT; Back-Up Compound Moves into Late Pre-Clinical Studies SAN DIEGO--(BUSINESS WIRE)--Sept. 11, 2002-- Ligand Pharmaceuticals (Nasdaq: LGND - News) has earned two undisclosed milestone payments from its corporate partner Wyeth (NYSE: WYE - News), which has begun clinical development of NSP-989 for contraception and hormone replacement therapy (HRT) and advanced a back-up compound into late pre-clinical testing. NSP-989 is a non-steroidal progestin resulting from Ligand's research collaboration with Wyeth. Wyeth's Investigational New Drug application (IND) for NSP-989 recently cleared its FDA waiting period. "Wyeth's decisions further underscore the productivity of the research field and the ability of our technology to generate tissue-specific modulators of sex hormones that provide novel approaches to contraception and HRT," said Andres Negro-Vilar, M.D., Ph.D., Ligand's senior vice president for research and development and chief scientific officer. The Wyeth-Ligand collaboration began in 1994, and the research phase concluded in 1998. Among the other products that Wyeth has moved into clinical development are: Bazedoxifene, a selective estrogen receptor modulator (SERM) that is in Phase III studies for osteoporosis. Bazedoxifene + Premarin®, which is in Phase III studies as a progestin-free hormone replacement therapy. Under the terms of the collaboration, Wyeth is responsible for the development and registration of any products resulting from the collaboration, and pays Ligand milestone payments as products move through the development process. Wyeth has exclusive worldwide marketing rights to products resulting from the research, and will pay Ligand royalties on sales of products that make it to market. About Ligand Ligand discovers, develops and markets new drugs that address critical unmet medical needs of patients in the areas of cancer, skin diseases, men's and women's hormone-related diseases, osteoporosis, metabolic disorders, and cardiovascular and inflammatory diseases. Ligand's proprietary drug discovery and development programs are based on its leadership position in gene transcription technology, primarily related to Intracellular Receptors (IRs) and Signal Transducers and Activators of Transcription (STATs). Ligand Pharmaceuticals' releases are available on the World Wide Web at www.businesswire.com/cnn/lgnd.htm. Caution Regarding Forward-Looking Statements This news release contains certain forward-looking statements that involve risks and uncertainties and reflect Ligand's judgment as of the date of this release. These statements include those related to research productivity and discoveries, clinical development, and milestone and royalty payments. Actual events or results may differ from our expectations. There can be no assurance that new and successful drug compounds will be discovered, that clinical development will be successful, that drugs will receive required regulatory approvals or be successfully marketed, or that future milestones or royalties will be paid on these compounds. Additional information concerning these and other risk factors affecting Ligand can be found in prior press releases as well as in public periodic filings with the Securities and Exchange Commission, available via www.ligand.com. Ligand disclaims any intent or obligation to update these forward-looking statements beyond the date of this release. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. -------------------------------------------------------------------------------- Contact: Ligand Pharmaceuticals, San Diego Michael J. Watts, Director, Investor Relations and Corporate Communications, 858/550-7850 mwatts@ligand.com -------------------------------------------------------------------------------- Source: Ligand Pharmaceuticals