Ligand Awarded $2 Million from U.S. Government Under the Patient Protection and Affordable Care Act
SAN DIEGO-- Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) today announced it has been awarded $1,955,834 in immediately available funds from the U.S. government under HR: 3590 - Patient Protection and Affordable Care Act (the "Act"). The award comprises separate payments of approximately $245,000 for each of eight drug development programs at Ligand.
"We are very pleased the federal government has recognized the importance of research by Ligand and the entire biotechnology industry to the progress of patient care," said John L. Higgins, President and Chief Executive Officer of Ligand Pharmaceuticals. "The award represents an important source of non-dilutive funding for our product pipeline."
Under the Act, $1 billion was earmarked to stimulate promising therapeutic research by small biotechnology companies. Applicants were required to submit detailed information establishing that their research conformed to the parameters of the Act, along with a summary of qualifying expenditures that formed the basis for the award.
About Ligand Pharmaceuticals
Ligand discovers and develops novel drugs that address critical unmet medical needs of patients for a broad spectrum of diseases including hepatitis, muscle wasting, Alzheimer's disease, dyslipidemia, diabetes, anemia, COPD, asthma, rheumatoid arthritis and osteoporosis. Ligand's proprietary drug discovery and development programs are based on advanced cell-based assays, tissue-specific receptor ligand interactions and gene-expression tools. Among its peers, we believe Ligand has assembled one of the largest portfolio of assets including commercial therapies developed in partnership with pharmaceutical companies. Ligand has established multiple alliances with the world's leading pharmaceutical companies including GlaxoSmithKline (GSK), Merck, Pfizer, Roche, Bristol-Myers Squibb and AstraZeneca, and more than 30 programs in various stages of development.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on estimates, projections, beliefs and assumptions of Ligand at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. The failure to meet expectations with respect to any of the foregoing matters may reduce Ligand's stock price. Additional information concerning these and other risk factors affecting Ligand can be found in prior press releases available at www.ligand.com as well as in public periodic filings with the Securities and Exchange Commission, available at www.sec.gov. Ligand disclaims any intent or obligation to update these forward-looking statements beyond the date of this press release. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Source: Ligand Pharmaceuticals Incorporated
Released November 2, 2010