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

To: Jeffrey Silver who wrote (22396)	6/17/1998 6:08:00 PM
From: Hippieslayer	Read Replies (1) \| Respond to of 32384

Jeff, RATS!!!!!

To: Jeffrey Silver who wrote (22396)	6/18/1998 8:43:00 AM
From: Henry Niman	Respond to of 32384

Jeffrey, I agree that the letter was issued to stop the clock (which was ready to expire). The approval date is really dependent on the exact nature of the difficiencies. They could be a simple as labeling or as complex as the manufacturing plant. The press release wasn't very specific. So far there has been no action in pre-open trading. Bid and ask are unchanged and volume is zero. The street ignored the SRGN acquisition as well as the ONTAK unanimous approval vote. The news services (Bloomberg and CNBC) have given the FDA letter attention, but the letter may be more related to administrative issues and the 6 month clock, than anything else. The unanimous vote (14-0) strongly suggests that ONTAK will be approved, but the date is not obvious, based on last night's press release.