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

To: J Stone who wrote (23342)	7/18/1998 10:39:00 PM
From: JOEBT1	Respond to of 32384

Jeff--I did ask about the status of the SRGN filing and the response was that it was on schedule. I'm amazed at some of the vitriolic reaction to a discussion of stock dilution. Fully diluted shares of LGND has grown from 16 million in '93 to 51 million currently. If the outstanding stock currently was 25 million, the stock price with the current market cap would be 25 instead of 12. The point I tried to make in my discussion with LGND was that on a going-forward basis they should avoid increasing shares in any deals. A deal with a pharma should not include sale of stock even at a premium at these low prices.With their "embarrassment of riches" in their pipeline they should be able to make deals without increasing the number of shares. If money is needed they can incent the exercise of warrants and raise 35+ million without increasing the number of fully diluted shares. LGND management needs to do something for patient stockholders who have seen very little return on their investment over the last 4 years in a booming market. I agree with Henry that LGND management has done a great job creating and developing their pipeline and the market cap has gone up but share price hasn't changed because outstanding shares have more than tripled. I urge other threadsters to press the same point with LGND management--No more stock dilution!-It's not necessary to keep this great company growing. I remain a enthusiastic but impatient long term investor in LGND.