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

To: squetch who wrote (18450)	4/1/1998 4:19:00 PM
From: squetch	Respond to of 32384

As a shareholder, I want nothing to do w/ SRGN or its drug. I guess since SRGN wants to be a virtual company, I should have said virtually nothing. Plus like I thought here Message 2506758 I don't know how it makes LGND profitable in 99. I sold most of shares when Henry thought that SRGN might be the pick back in OCT. Tuesday January 6, 9:29 am Eastern Time Company Press Release SOURCE: Seragen, Inc. Seragen Completes Sale of Manufacturing and Clinical Operations Division HOPKINTON, Mass., Jan. 6 /PRNewswire/ -- Seragen, Inc. (OTC Bulletin Board: SRGN - news) announced today that the sale of its operating division to Boston University was completed on December 31, 1997. The sale was originally proposed and signed, subject to shareholder approval, in February 1997. Seragen received $5 million dollars for the division, $4.5 million of which was paid previously and $500,000 of which was paid at closing. Seragen shareholders approved and ratified the sale at the company's annual meeting on December 16, 1997. ''The completion of this sale allows us to streamline the organization,'' commented Seragen CEO Reed Prior. ''We are deliberately moving from being a fully integrated biopharmaceutical company to becoming a 'virtual' biotech company. As a virtual company our principal asset is our intellectual property, and we will use third-party vendors whenever possible for our service requirements.'' Seragen announced on December 8, 1997 that it had filed a biologics license application with the U. S. Food and Drug Administration requesting clearance to market its DAB389IL-2 (Interleukin-2 Fusion Protein or denileukin diftitox) for the treatment of advanced cutaneous T-cell lymphoma (CTCL) in patients who have received prior therapy. Seragen is a biopharmaceutical company developing a proprietary portfolio of therapeutic products. The company's unique receptor-active fusion proteins consist of a toxin fragment genetically fused to a hormone, or growth factor, that targets specific receptors on the surface of disease-causing cells. Seragen's current focus is on cancer and dermatology. In addition to a collaboration with Eli Lilly and Company [NYSE:LLY - news] on the development of DAB389IL-2 for CTCL, Seragen is independently conducting clinical trials of the same molecule for psoriasis. A second product, EGF Fusion Protein, is currently in a Phase I/II clinical trial for non-small cell lung cancer and in pre-clinical development in collaboration with United States Surgical Corporation [NYSE:USS - news] for restenosis following angioplasty. Safe Harbor Information Some of the statements contained in this document are forward-looking, including statements relating directly or by implication to Seragen's products, operations, strategic partnerships, financial condition, and ability to fund its operations. These statements are based on current expectations and involve a number of uncertainties and risks, including (but not limited to) Seragen's ability to proceed with successful development, testing, and licensing of its products, to modify certain existing contractual arrangements, to enter into additional strategic partnerships and other collaborative arrangements, and to raise additional capital on satisfactory terms. For further information, refer to the ''Business Outlook'' section in Seragen's Form 10-K as filed with the Securities and Exchange Commission. Actual results may differ materially from such expectations. SOURCE: Seragen, Inc.