Ligand falls into loss in 1st qtr
US drug discovery and development company Ligand Pharmaceuticals fell into loss for the first quarter of 2008, even though revenue increased.
The firm posted a loss of $3.9 million for the period ending March 31, 2008, versus net income of $274.3 million for the year-before period. This gives the company a loss per share of $0.04 vs earnings per share of $2.72. This was despite revenue jumping to $4.9 million, vs just $200,000 year-on-year. On that basis, the company is affirming its full-year 2008 financial guidance.
During the quarter, Ligand was awarded a US patent for the novel oral TPO mimetic LGD-4665 and initiated a Phase IIa trial on patients with immune thrombocytopenic purpura. It was also granted a priority review on its New Drug Application for Promacta (eltrombopag; Marketletter March 10) by the US Food and Drug Administration. The candidate is produced in partnership with UK drug major GlaxoSmithKline.
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