Ligand reports second quarter in loss
USA-based firm Ligand remained in loss, despite an increase in revenue, for the second quarter running, due to a reversal of other income into loss.
The company posted revenue of $4.8 million for the second quarter of 2008 versus just $1.4 million in the same period of the year before. Despite this, the firm fell to a net loss of $6.4 million vs a small net profit of $200,000. On that basis, Ligand is affirming its full-year 2008 financial guidance.
"We are pleased with our progress during the second quarter," said John Higgins, chief executive of Ligand. "We have collaborations with leading pharmaceutical companies, including GlaxoSmithKline, Wyeth and Pfizer. Each of these companies has a New Drug Application pending Food and Drug Administration review for drugs that are expected to fill important needs in a variety of medical indications. In addition, we continue to advance our TPO mimetic, LGD-4665, and have made progress toward filing an IND for our lead SARM candidate," he added.
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