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Stock Market & Financial Investment News

News Breaks
January 9, 2013
09:02 EDTLGNDLigand Pharmaceuticals receives equity milestone payment from Retrophin
Ligand Pharmaceuticals has received a milestone payment of 620,000 shares of common stock in newly public partner Retrophin. The milestone arose under the previously executed license agreement for the development and commercialization of Retrophin’s lead clinical candidate RE-021, formerly known as DARA and was triggered by the completion of Retrophin’s merger with Desert Gateway and its transition to a publicly traded company. Ligand will record milestone revenue equal to the estimated fair value of the shares received, which will be determined by an independent valuation firm. The shares issued to Ligand represent approximately 7% of Retrophin’s outstanding capital stock and may be subject to certain trading restrictions. Ligand believes that Retrophin expects to begin enrollment in a Phase 2 clinical trial known as “FONT-3” during the first half of 2013.
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August 24, 2015
13:15 EDTLGNDFDA expands use of Novartis' Promacta to include children ages 1 and older
Ligand Pharmaceuticals (LGND) announced that the FDA has approved an expanded use for Promacta, a Novartis (NVS) product, to include children 1 year of age and older with chronic immune thrombocytopenia who have had an insufficient response to corticosteroids, immunoglobulins or splenectomy. Promacta was acquired by Novartis in March from GlaxoSmithKline (GSK). Promacta was discovered as a result of research collaboration between GSK and Ligand Pharmaceuticals and was developed by GSK. The updated label also includes a new oral suspension formulation of Promacta that is designed for younger children who may not be able to swallow tablets. Promacta was approved by the FDA as a tablet formulation in June 2015 for children 6 years of age and older and in 2008 for use in adult patients with the same condition. The label expansion of Promacta was based on data from two double-blind, placebo-controlled trials, including the largest Phase 3 clinical trial in this patient population. Treatment with Promacta significantly increased and sustained platelet counts among pediatric patients with chronic ITP with an insufficient response to prior chronic ITP therapies, and some patients taking concomitant ITP medications were able to reduce or discontinue their use of these medications, primarily corticosteroids. Promacta should be used only in those whose degree of thrombocytopenia and clinical condition increase the risk for bleeding.

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