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

To: Machaon who wrote (14317)	2/5/1998 9:16:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Robert, I think that the numbers were about as expected. What I found of interest was the reiteration of profitability in 1999, three NDAs this year or early next, and an explanation of the milestone payments. Although none of the above is new, some people still expect LGND to lose money for year's to come, and others don't realize that the NDAs will come fast and furious (a Panretin oral NDA should also be filed in 1999). Thus LGND will have 4 products for sale in 1999 (oral and topical Panretin and Targretin). These NDAs are very significant. When LGND went public in 1992, H&Q predicted that LGND's initial significant income would come from the sales of retinoids developed internally. It looks like they will be right on the money. I expect significant off-label use (most treatments for most cancer still leaves much to be desired) and such revenues will be higher and quicker than many realize. Next quarter LGND plans on releasing Phase II clinicals for larger indications. The data should generate more true believers.