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

To: Cacaito who wrote (26723)	12/1/1998 4:54:00 PM
From: Henry Niman	Respond to of 32384

Thanks for the explanations. Ligand is headlined in today's San Diego Union Tribune on the front page of the Business EXTRA section: Biotech Ligand gets good news from FDA The article begins: "Ligand Pharmacueticals said yesterday it received an 'approvable' for a new drug for AIDS lesions, Panretin, that would be the San Diego biotech's first product. The Food and Drug Administration sends such letters only after most issues are resolved, and Ligand said it expects to receive a final decision from the agency by the end of December." The article ends with the following: "If the FDA approval comes next, it would be another sign that San Diego's biotech industry is maturing after years of costly research with little to show for it. Just two years ago, no San Diego biotech had ever received an FDA approval for a new drug. Today three have, and Ligand would be the fourth. In addition to Panretin, the FDA is considering a lymphoma drug developed by a Massachusetts biotech that Ligand acquired this year. Three other Ligand drugs could go to the FDA in 1999. Markets closed before Ligand announced it had received the letter, and the company's shares closed at $9.931/4, down 25 cents."