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

To: Flagrante Delictu who wrote (15878)	2/25/1998 2:42:00 PM
From: squetch	Read Replies (1) \| Respond to of 32384

Bernie, Does he define long term? As you probably know, many subscribers seem to be wishing he would meet a certain definition of it. squetch

To: Flagrante Delictu who wrote (15878)	2/25/1998 2:51:00 PM
From: Henry Niman	Respond to of 32384

I haven't followed CYTL for awhile, but they went public in the fall of 1991 during the Biotech Boom that saw many Biotechs go public at very high prices. As I recall, CYTL went public at about $12 and quickly moved to more than $20. I think that many of its programs were similar to GLYC's. There was a management change several years ago. I think that one of the problems on the science side was bioavailability and stability. The compounds worked better in test tubes than animals or humans. I'm not sure of the current status of their compounds. Cylaxin is entering Phase III trials for treating children (inflammation associated with a surgical procedure?). The Phase I/II numbers were small (17 patients). I'm not sure if there have been adult trials. I think that the original partner on Cylaxin pulled out. That's about all I know, although at one time I think that CYTL was selling for below book.

To: Flagrante Delictu who wrote (15878)	2/27/1998 8:34:00 AM
From: Henry Niman	Respond to of 32384

Here's what Dow Jones said about the CYTL licensing deal: Dow Jones Newswires -- February 24, 1998 Cytel Corp Gets Rts To Ligand Pharma Unit Patents>CYTL LGND SAN DIEGO (Dow Jones)--Cytel Corp. (CYTL) said it will pay Glycomed Inc., a unit of Ligand Pharmaceuticals Inc. (LGND) cash, stock and royalties for the rights to a family of patents relating to certain carbohydrate compounds for the treatment of acute inflammation. In a press release Tuesday, Cytel said it will pay Glycomed an up-front license fee of $900,000 in restricted stock. Under the terms of the non-exclusive licensing agreement, Glycomed will also receive milestone payments of $1.5 million upon the first new drug application filing and $3.5 million upon the first approval from the Food & drug Administration of each licensed product. Cytel said it has the option to make the payments in company stock. Cytel will also pay Glycomed royalties on worldwide net sales of a licensed or sub-licensed products. The royalties will vary depending upon the number of patents involved, the company said. Glycomed is a biotechnology company. Ligand Pharmaceuticals is a drug company. Cytel develops cell adhesion inhibitors for treatment of acute and chronic inflammation and through its units manufactures bioactive carbohydrates and develops vaccines.