ALRT Shares Trading Separately

8 June 1997

- The 3.25 million units of stocks and warrants of Allergan LigandRetinoid Therapeutics that have traded publicly have been separated into their component parts and have traded separately since June 3. This relates to the formation of the firm by Allergan and Ligand, and an offering made by ALRT on June 3, 1995. The ALRT callable common stock and the Ligand warrants will trade separately on the Nasdaq. Ligand has the option to acquire the callable common stock of ALRT after June 3, 1997, at which point Allergan has the right to acquire an undivided one-half interest in ALRT technology, and 50% of all other ALRT assets. Ligand's option will expire on June 3, 2000 unless earlier triggered by ALRT's available funds falling below the benchmark of $10 million.

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