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

To: dwc who wrote (27263)	1/6/1999 5:18:00 PM
From: Biomaven	Respond to of 32384

dwc, Just to be accurate, "fully diluted shares" are no more. Under the new FAS 128 standard, there is now only "basic" and "diluted." The latter more-or-less corresponds to the old "primary diluted". These warrants would not currently be included in diluted shares, because as I pointed out earlier, LGND is making a loss from continuing operations. This is one of the traps for the unwary in biotechland - loss making companies don't disclose diluted outstanding, although it is usually possible to approximately calculate them for yourself. (Diluted outstanding are invariably a lot less than you get if you naively add options outstanding to the shares outstanding though). Peter