Ligand Pharm Moves Ahead In 1996

Ligand Pharmaceuticals' sales revenues increased in 1996, and itinitiated pivotal trials for all four of its lead compounds. Sales grew 50% last year to $36.8 million, and in the fourth quarter they were $9.5 million, up 20%. The firm made a net loss of $37.3 million, compared with $64.2 million in 1995. In the fourth quarter of 1996, the loss was $11.8 million, compared with $8.4 million in the like, year-earlier period.

The increase in turnover was attributed in the main to revenue from Allergan Ligand Retinoid Therapeutics, a company in which Ligand is a partner (Marketletters passim).

In 1996, Ligand spent $59.5 million on R&D, up 43%. The firm's chairman, president and chief executive, David Robinson, said: "we are conducting a substantial Phase II program, with over 40 clinical trials underway in 1996 to identify expanded indications, and have received US Food and Drug Administration clearance to initiate Phase I/IIa cancer trials of ALRT 1550."