Ist Qtr As Expected At Ligand

Sales in the first quarter of 1997 grew 11.4% to $9.8 million at LigandPharmaceuticals. The rise was attributed to increased revenues from Allergan Ligand Retinoid Therapeutics (see below). The net loss for the quarter was $10.1 milion, up from $7.1 million a year earlier. On a per share basis, the loss was 32 cents, compared with 25 cents in the first three months of 1996.

R&D expenses rose 34.9% to $16.6 million due to planned expansion of clinical and preclinical development programs. Ligand has commenced its expansion into metabolic disease, and has started Phase II human clinical trials with oral Targretin (LGD1069) in type II diabetes. Also, interim data presented in March at the annual meeting of the American Association of Dermatologists showed that topical Targretin achieved a 43% response rate in patients with cutaneous T-cell lymphoma (Marketletter March 31).

Net Loss Rises At ALRT The first-quarter net loss at ALRT, which was formed by Ligand and partner Allergan, was $9.2 million, or $2.83 per share, compared with $5.3 million, or $1.62 per share a year earlier. R&D expenses grew 61% to $9.5 million.