Losses decline at Ligand, revenues up

Ligand Pharmaceuticals says its first-quarter 2001 revenues are the"best" it has reported, rising 58% to $17 million, and that net losses declined to $11.6 million, compared with $28.9 million in the like, year-earlier period. As of March 31, cash, cash equivalents, short-term investments and restricted cash totalled $43.6 million, a rise of $8.5 million. R&D spending was marginally higher at $12.4 million.

Paul Maier, the firm's senior vice president and chief financial officer, said "sales continued to grow 29% over fourth-quarter 2000. Our expectations for the revenue acceleration for the quarter were met, and we look forward to further substantial growth of currently-marketed products during 2001, as well as the US launch of Morphelan (sustained-release morphine for pain relief) later this year," pending Food and Drug Administration approval. Ligand received European approval for Targretin (bexarotene; Marketletter April 9) capsules in the first quarter, and submitted a marketing authorization application for the gel form in this period.