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

To: Henry Niman who wrote (27922)	2/6/1999 3:23:00 PM
From: RXGOLF	Respond to of 32384

Yet another reason this weeks 2(two) approvals are so important (IMO)even though for possibly small target groups is its obvious food on the table while additional products are brought forward. Investor's Business Daily stated on Feb.1, 1999 "as the result of tight funding,some biotechs merged. Others sought funding from alternative sources. Still others cut back on research." "For the second straight year, biotech funding fell. It dropped nearly %21 to 7.7 billion in 1998 from 9.7 billion. This followed an 18% drop in 1997. The value of equity offerings fell by a third" "Registered follow-on offerings of public biotechs suffered the most-falling %77 to 351 million in 1998." The bottom line of the article was found in the final section, OUTLOOK. "Despite the industry's worries about access to capital, some executives and analyst remain confident." "Upside:The lack of funding will eliminate weak companies and free up cash for stronger products." "Downside:These are perilous times for biotechs dependant on the capital markets to finance efforts." I hope Ligand will now be cash positive within a year, and our worries will be centered on safe and effective drugs, and not which capital market to next tap for a dime. Greg