EXHIBIT 99.1
CONTACT:
Paul V. Maier
Senior Vice President
and Chief Financial Officer
858-550-7573
Abe Wischnia
Senior Director of Investor Relations
and Corporate Communications
858-550-7850
LIGAND PHARMACEUTICALS RECEIVES STAFF DETERMINATION LETTER FROM NASDAQ
REGARDING DELAY IN FILING SECOND QUARTER FORM 10-Q
SAN DIEGO, Calif.--August 23, 2005--Ligand Pharmaceuticals Incorporated
(NASDAQ:LGNDE) announced today that it has received a NASDAQ Staff Determination
Letter regarding the company's failure to timely file its Form 10-Q for the
period ended June 30, 2005. A NASDAQ Listing Qualifications Panel previously
agreed to continue the listing of the Company's securities on the NASDAQ
National Market provided that the company files its Form 10-K for the fiscal
year ended December 31, 2004 on or before August 31, 2005 and files its first
quarter and second quarter Forms 10-Q by September 9, 2005. Until the company is
current with its periodic reporting requirements with the SEC, the company's
trading symbol will remain LGNDE.
On May 20, 2005, the company announced that it would restate its
consolidated financial statements as of and for the years ended December 31,
2002 and 2003 and for the quarters of 2003 and the first three quarters of 2004.
The filings of the company's Form 10-K annual report for the year ended
December 31, 2004 and the company's Forms 10-Q for the periods ended March 31,
2005 and June 30, 2005 have been delayed pending the completion of the
restatement.
ABOUT LIGAND
Ligand discovers, develops and markets new drugs that address critical
unmet medical needs of patients in the areas of cancer, pain, skin diseases,
men's and women's hormone-related diseases, osteoporosis, metabolic disorders,
and cardiovascular 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. For more
information, go to http://www.ligand.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the
meaning of section 21E of the Securities Exchange Act of 1934, as amended, that
reflect Ligand's judgment and involve risks and uncertainties as of the date of
this release. These statements include those related to compliance with the
NASDAQ Listing Qualifications Panel requirements, completion of the restatement,
the filing of delinquent reports on Form 10-K and on Form 10-Q and the continued
listing of the company's securities. Actual events or results may differ
materially from Ligand's expectations. There can be no assurance that the
restatement of annual or quarterly financial results, audit of annual and review
of quarterly financial statements, filing of Forms 10-K and 10-Q will be
completed or that these processes will be completed by the dates set by the
Panel in order to maintain the Company's listing, that the circumstance of the
restatement will not result in a finding of a material weakness in the company's
internal control over financial reporting, that other accounting errors or
control deficiencies which individually or in the aggregate constitute a
material weakness, will not be identified during the preparation and audit of
the consolidated financial statements, that adjustments for other periods will
not be required nor that the company will avoid delisting by the NASDAQ Stock
Market and if so, when or if a relisting will occur. In addition, Ligand's
financial results and stock price may suffer as a result of the previously
announced restatement and any subsequent action by NASDAQ. Additional
information concerning these and other risk factors affecting Ligand's business
can be found in prior press releases as well as in Ligand's public periodic
filings with the Securities and Exchange Commission, available via Ligand's web
site at www.ligand.com. Ligand disclaims any intent or obligation to update
these forward-looking statements beyond the date of this release.
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