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

To: JOEBT1 who wrote (11547)	11/20/1997 6:00:00 PM
From: Andrew H	Respond to of 32384

Thanks, Joe, will see if I can get through tomorrow. Unfortunately I won't be able to wait around for a return call, so much will depend if they are available when I call or if they return my call when I happen to be in. Called just now and left a message for Susan to call me back--time in San Diego is 3:00 pm. First I'll see if I can reach her, then I'll try Respess.

To: JOEBT1 who wrote (11547)	11/20/1997 6:56:00 PM
From: Andrew H	Read Replies (2) \| Respond to of 32384

Joe and others--just spoke with Susan Atkins, who was quite prompt about returning my call. According to my conversation with her, not nearly as many announcements by year end as we had been expecting. She says she is current on the ALRI deal and LGND has submitted EVRYTHING they need to as far as they know. She says they are expecting a response from the SEC at any time. She would be surprised if the deal doesn't close by next week, but she is already surprised. She says the SEC is simply overloaded with deals and paperwork at this time. It should be very soon. Meanwhile, yes, they will have to pay more stock because of the lower prices and the SEC does not care. As far as near term announcements, there will be the ALRI deal and LLY deal of course. Then there will be the Panretin for KS completed trials announcement before year end. That was ALL. She said there could be other interim announcements before year end such as the P2's for psoriasis, Targretin data, etc. but she said the focus was on the Panretin for KS. She also said the P2s for psoriasis were not finished (in response to my question) and that they would be starting P3s without delay if P2 results were good. I mentioned the two week timeline we had heard in regard to the drug to be selected from LLY and had told her this came from the Oppenheimer conference. She was quite adamant that this timeline was VERY unrealistic and that they were still doing diligence on the drug, although she thought we would hear in less than the suggested 90 day period but perhaps not by year end. She said she it was possible a good deal of interim data on trial results (Panretin and Targretin) to be presented at conferences in April, May and June. She mentioned nothing about the long rumored leptin deal and unfortunately I forgot to ask. That's it. Had she not caught me away from my computer, I might have had a list of all specifics. Perhaps she was just being reserved with me. My impression is that we might not be hearing nearly as much news by year end as we were expecting. However, many of the announcements that you listed in your post may come in the lst or second quarters of next year.