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

To: Mudcat who wrote (27237)	1/6/1999 2:10:00 PM
From: RXGOLF	Read Replies (1) \| Respond to of 32384

Mudcat, IMO you mention some valid points concerning the future of LGND. However, I am often confused by an apparent contradiction you propose in your posting on this thread. ie:" I am a shareholder " " Just another example of Lgnd doing what they do best(Screwing the shareholder)." Mudcat, these are two statements from the same post you made today. I can see you shorting a company that you feel consistently does their shareholders wrong. Is this what you mean by "I am a shareholder"? Or, do you just enjoy a good screwing?

To: Mudcat who wrote (27237)	1/6/1999 2:52:00 PM
From: Machaon	Respond to of 32384

Mudcat, it kills me to say this, but thanks for your well written response. It contains a lot of substantive opinion, but not one insult. Perhaps, for just for a second, you forgot to whom you were posting! <g> << Then 3Q earnings came out worse than predicted so I assume the same milestones slipped to 4Q. >> That is why the cash on hand is important. Disappointing biotech earnings results might be balanced out, by the market, by strong partnerships announcements, advancement in clinical trials (New Phase II Targretin clinical trials for breast cancer), approved NDAs, and significant cash. << Lgnd said ONTAK was delayed (I think in May98) for administrative reasons. Well its now Jan 99 and those admin reasons have not been resolved with no further comments from Lgnd. >> All LGND shareholders are annoyed that ONTAK was not approved in 1998. But, LGND is at the mercy of the FDA. All the info had been submitted. We cannot fault Ligand for being subjected to the FDA's schedule. From what I have read, the FDA is understaffed and overwhelmed by the sheer numbers of IND's and NDA's being submitted. << Lgnd said Panretin was to be approved by the end of 1998. Again we are in 1999 and no approval. >> Actually, in last years Annual Report, they had predicted the end of 1998 or the first part of 1999. They changed it to the "end of 1998" in 1998. But, once again, we have to wait on the FDA. Panretin Gel and/or ONTAK could still be rejected by the FDA even with the overwhelming approval of each drug by the subcommittees. << I think the original NDA for Targretin was planned for late 1998. Again still no NDA and we are in 1999. >> This bothers me also. What's going on? I was hoping for more news from LGND on their two years of Targretin tesing, in Europe, for Diabetes type II. Here is a list of Targretin Clinical Trials, which were listed in a news release Nov 24th, 1998. (The diabetes trial was not listed!?) Why haven't we received any news at all from these trials? And, Ligand had another 35+/- drugs. Why no news? <==================================================================> Targretin in Clinical Trials - Ligand is conducting three pivotal trials for the treatment of patients with cutaneous T-cell lymphoma, including one Phase III trial with Targretin(R) gel (bexarotene) 1.0% and two Phase II/III trials with Targretin(R) capsules. - A Phase II trial with Targretin capsules is being conducted for the treatment of patients with psoriasis. - Phase II/III trials are being conducted with Targretin capsules in patients with advanced lung cancer, and in patients with Kaposi's sarcoma. - A Phase II trial with Targretin gel for the treatment of patients with actinic keratoses and Phase IIb studies in patients with ovarian and head and neck cancers have been completed. <=================================================================> That's a lot of clinical trials and a lot of expenses without much news. It seems to me that Ligand is not showing concern for it's stockholders. << Why were these warrants redeemed early? >> This didn't really bother me. It gives Ligand much needed cash, and the shares were already accounted for in the "fully diluted" share numbers. << Lgnd "being on the prowl for acquisitions" as Niman would say concerns me. >> I cannot fault any biotech or drug company for salivating over picking up a biotech plum at discount prices. From what I have heard, there are biotechs out there that have a net capitalization that is equal or less than cash on hand. If Robinson was more receptive to shareholders, and was making an effort to "get the word out", I think we would be more apprecative of his "acquisition" desires. Perhaps Robinson is viewing the "acquisition" route as a fast track, since a lot of Ligand's drugs are in preclinical testing and development. << ... only because I do not hype the stock am I labeled a nay-sayer. >> I wish that you would throw more notes, like this, out for discussion. My response is much too long, but, you brought up so many good points, it was difficult to be short. I would be willing to bet that your note will bring out a bunch of other substantive comments. I view you as a nay-sayer because of the hostile and insulting nature of some of your notes. You've got to be aware of the nasty notes that are posted here just to cause fights and pour salt in the wounds of LGND investors that have lost money. Thanks for your note. Great points. Sorry, to all, for the length of this note. Good luck, Bob