Ligand Earns $1 Million Milestone Payment as GlaxoSmithKline Submits New Drug Application for PROMACTA(R) (eltrombopag)
SAN DIEGO--
Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) (the Company or
Ligand) today announced that it has earned from GlaxoSmithKline
(NYSE:GSK) (GSK) a milestone payment of $1 million as a result of
GSK's submission of a New Drug Application (NDA) for PROMACTA(R)
(eltrombopag). If approved, PROMACTA would be the first oral platelet
growth factor therapy for the short-term treatment of previously
treated patients with chronic idiopathic thrombocytopenic purpura
(ITP) to increase platelet counts and reduce or prevent bleeding.
Chronic ITP is a disorder marked by increased platelet destruction
and/or inadequate platelet production in the blood, which causes an
increased risk of bruising and bleeding. PROMACTA is an
investigational, once-daily oral treatment that induces the
proliferation and differentiation of cells in the bone marrow to
produce platelets.
The milestone payment arises from a drug discovery alliance with
GSK to focus on the discovery of small-molecule TPO mimetics. Under
the terms of the collaboration, Ligand is eligible to receive an
additional milestone payment of $2 million upon approval of PROMACTA
by the U.S. Food and Drug Administration (FDA), as well as royalty
payments on any future sales of the drug.
"We are very pleased with GSK's progress with PROMACTA. Their team
has done an excellent job executing its clinical activities, and they
have obtained encouraging results. This milestone reinforces our
belief in Ligand's science and technology that has yielded the first
oral TPO receptor agonist," said John L. Higgins, President and Chief
Executive Officer of Ligand Pharmaceuticals. "Our collaborations with
pharmaceutical industry leaders such as GSK are representative of
Ligand's commitment to leverage its technology and research
capabilities to create value for shareholders."
Ligand and GlaxoSmithKline Collaboration
The GSK-Ligand collaboration began in 1997 to utilize Ligand's
expertise and technology to discover small-molecule drugs to control
hematopoieses and treat patients with cancer, anemia or platelet
deficiencies. The research phase of the collaboration ended in 2001.
GSK is responsible for the registration and worldwide marketing of
PROMACTA.
About Ligand Pharmaceuticals
Ligand discovers and develops new drugs that address critical
unmet medical needs of patients in the areas of thrombocytopenia,
hepatitis C, cancer, hormone-related diseases, osteoporosis and
inflammatory diseases. Ligand's proprietary drug discovery and
development programs are based on its leadership position in gene
transcription technology, primarily related to intracellular
receptors.
Caution Regarding Forward-Looking Statements
This news release contains forward-looking statements by Ligand
that involve risks and uncertainties and reflect Ligand's judgment as
of the date of this release. These statements include those related to
future action by the FDA for the recently submitted NDA; the promise
of PROMACTA(R) (eltrombopag) future regulatory approvals; increases in
shareholder value; and future milestone and royalty payments. Actual
events or results may differ from our expectations. There can be no
assurance GlaxoSmithKline, or any of our other partners will continue
clinical development of any compound(s); that clinical development
will be successful; that future clinical trial data will be favorable
or that such trials will confirm any improvements over other products
or lack of negative impacts; that drugs will receive required
regulatory approvals or that they will be commercially successful
therapies, provide new options or be successfully marketed; that our
partner portfolio will continue to mature, that our business will
continue to grow or that shareholder value will increase, that the FDA
will accept any filing, or that any future milestone or royalty
payments will be received. Our stock price could be harmed if any of
these events or trends fails to occur, is delayed or otherwise differs
from expectations. Additional information concerning these and other
risk factors affecting Ligand's business can be found on the company's
prior press releases as well as in public periodic filings with the
Securities and Exchange Commission, available via www.ligand.com.
Ligand disclaims any intent or obligation to update these
forward-looking statements beyond the date of this release. This
caution is made under the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.
Source: Ligand Pharmaceuticals Incorporated
Released December 20, 2007