9% Rise In Nine-Month Revenues For Ligand

Ligand Pharmaceuticals has announced an increase of 9.1% in revenues to$29.9 million for the nine-month period ended September 30, 1997, while turnover for the third quarter rose less than 1% to $10.2 million compared with the like, year-earlier period. The increases were primarily attributed to R&D revenues from Allergan Ligand Retinoid Therapeutics and the company's R&D agreements with, among others, Abbott Laboratories, American Home Products and Glaxo Wellcome.

Net loss was $11.6 million and $32.1 million for the third quarter and nine-month period, respectively, increases of 38.1% and 25.8%, while R&D spending rose approximately 20% for both periods. Ligand also reiterated the financial benefits of its recent strategic alliance with Eli Lilly (Marketletter November 3), with Paul Maier, chief financial officer noting that the deal will strengthen the company's finances for the buyout of ALRT (Marketletters passim) and leaves Ligand "well positioned to be financed through to commercialization and profitability in the 1999 timeframe."

Ligand also noted that results of the US Phase III trials are scheduled to be announced next month, following positive European Phase III trials for topical Panretin in Kaposi's sarcoma (9-cis-retinoic acid; Marketletter October 6).