Ligand Initiates Phase 1 Trial with Glucagon Receptor Antagonist for Type 2 Diabetes

SAN DIEGO-- Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) today announced the initiation of a Phase 1 clinical trial with the Company’s glucagon receptor antagonist LGD-6972 for the treatment of type 2 diabetes. This randomized, double-blind trial is designed to evaluate the safety and tolerability of ascending single oral doses of LGD-6972 in healthy subjects and in subjects with type 2 diabetes.

The single-site, first-in-human study is expected to enroll 56 patients, including six groups of healthy subjects and one group with type 2 diabetes.

“We believe glucagon receptor antagonism holds an important potential in the treatment and management of type 2 diabetes. We are excited to begin this Phase 1 study with this novel drug, and look forward to evaluating results in 2014,” commented Matthew W. Foehr, Executive Vice President and Chief Operating Officer of Ligand. “LGD-6972 is a significant unpartnered asset of Ligand, as approximately 350 million people have diabetes worldwide. The market for diabetes drugs is projected to exceed $60 billion by 2020.”

“LGD-6972 appears to hold great promise as a novel treatment for type 2 diabetes, given its mechanism of action, the data from earlier clinical evaluations of the target, and the data from Ligand's pre-clinical studies with LGD-6972,” said Douglas Logan, M.D., Medical Director of Medpace Clinical Pharmacology and the Principal Investigator of the trial. “We are excited to be participating in the first-in-human study with this promising novel agent.”

About Ligand’s Glucagon Receptor Antagonist Program

Glucagon is a hormone produced by the pancreas that stimulates the liver to produce glucose (sugar). Overproduction of glucose by the liver is an important cause of high plasma glucose levels in patients with type 2 diabetes and is believed to be due in part to inappropriately elevated levels of glucagon. High plasma glucose levels can cause diabetic complications such as blindness and kidney disease. Glucagon receptor antagonists are designed to lower plasma glucose levels by reducing the production of glucose by the liver. Glucagon receptor antagonists are novel molecules that have demonstrated a reduction of plasma glucose and hemoglobin A1c in patients with type 2 diabetes in mid-stage clinical trials.

About Ligand Pharmaceuticals

Ligand is a biopharmaceutical company focused on assembling a large portfolio of revenue generating assets through licensing and acquisition with the goal to generate sustainable cash flow and profitability. Ligand has a diverse asset portfolio addressing the unmet medical needs of patients for a broad spectrum of diseases including thrombocytopenia, multiple myeloma, diabetes, hepatitis, muscle wasting, dyslipidemia, anemia and osteoporosis. Ligand’s Captisol platform technology is a patent-protected, chemically modified cyclodextrin with a structure designed to optimize the solubility and stability of drugs. Ligand has established multiple alliances with the world's leading pharmaceutical companies including GlaxoSmithKline, Onyx Pharmaceuticals (a subsidiary of Amgen Inc.), Merck, Pfizer, Baxter International, Bristol-Myers Squibb, Lundbeck Inc., Eli Lilly & Co. and Spectrum Pharmaceuticals. Please visit www.captisol.com for more information on Captisol or www.ligand.com for more information on Ligand.

Follow Ligand on Twitter @Ligand_LGND.

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 include statements regarding data analysis and evaluation of LGD-6972 and/or other Glucagon receptor antagonists, utility or potential benefits to patients, plans for continued development and further studies of such compounds. Actual events or results may differ from our expectations. For example, there can be no assurance that this Phase I clinical trial described above, any future clinical trials in connection with LGD-6972, or any other evaluations of LGD-6972 and/or other Glucagon receptor antagonists will be favorable or that they will confirm results of previous studies, that data evaluation will be completed or demonstrate any hypothesis or endpoint, that such compounds will provide utility or benefits to certain patients. 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's business can be found in prior press releases available via www.ligand.com as well as in Ligand's public periodic filings with the Securities and Exchange Commission at www.sec.gov. 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.

Ligand Pharmaceuticals Incorporated
John Higgins, President and CEO
(858) 550-7500
or
LHA
Don Markley
(310) 691-7100
[email protected]

Source: Ligand Pharmaceuticals Incorporated

Released November 12, 2013