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

To: Andreas Helke who wrote (22077)	6/11/1998 11:01:00 AM
From: scaram(o)uche	Read Replies (2) \| Respond to of 32384

>> Agouron which was recently used as an example of a company that cares about its shareholders and tries to minimize dilution did exactly the same as Ligand and doubled the number of shares since 1994 << This quote (above) is true..... of course, during this time, AGPH established a highly profitable business, increased shareholder equity, and is up > 700%.

To: Andreas Helke who wrote (22077)	6/14/1998 1:42:00 PM
From: Spekulatius	Read Replies (3) \| Respond to of 32384

Again - share dilution - even though most people here in the thread will not like it. Doubling the shares in 3 years is not standard operating procedure for biotechs. I have calculated some key numbers from some of the biotechs I follow and consolidated them in a table. No further comments! in Mill Company #shares1998 #shares1994 #shares1993 #shares1992 Yearly dilution rate [%] Cash Debt Market Value Research Exp / Year AGPH 30.8 13.8 21.59 116 0 1100 120 PDL 18.5 12.7 16.16 163 0 448 26 ISIP 26.8 13 n/a 25.08 87 57 340 56 LGND 38.9 17.9 n/a n/a 33.47 65 52 502 60 VRTX 25.3 12.17 20.61 265 6 701 48