Back on Nasdaq

San Diego Business Journal, June 19, 2006 by Katie Weeks

Back on Nasdaq: The previously highly troubled Ligand Pharmaceuticals, Inc. began trading again June 14 on the Nasdaq stock exchange.

The San Diego drug development company's common stock was booted to the Pink Sheets in the fall after the firm failed to properly file reports.

Ligand has had several problems, including a lawsuit filed by shareholders in August 2004. In September, its hedge fund manager called for the chief executive officer's ouster and sale of the company.

Ligand focuses on drugs to treat cancer, pain and skin, hormone-related and cardiovascular diseases, among others. The firm has five products on the market, including Avinza, a painkiller it launched in 2002, and five other drugs in the last phase of testing before federal review.

Ligand, which is not yet profitable, reported $51 million in revenues for the first quarter, a 38 percent increase versus the same period in 2005. Net loss for the quarter was $142.2 million, compared with $18.5 million for the same period in 2005.

The company's stock traded at $9.95 the afternoon of June 14, down 5 cents.

Contact Katie Weeks with biotechnology news at kweeks@sdbj.com, or call her at (858) 277-6359.