Ligand Pharmaceuticals Inc. recently reported it cut its net loss in the fourth quarter ended Dec. 31 by nearly half from the same period a year ago.
The San Diego-based biotech reported March 9 its fourth quarter net loss dropped to $22.9 million from $40.7 million during the same period in 1998.
Company net loss for the year ended Dec. 31 declined to $74.7 million, or $1.58 per share, from $117.9 million, or $2.92 per share, in 1998, Ligand reported.
Excluding one-time charges for technology purchases, milestone payments and debt conversion expenses, the net loss was cut to $15.7 million for the fourth quarter of 1999 and $67.5 million for the year, Ligand said.
That compares to a 1998 fourth-quarter net loss of $25.7 million and year net loss of $72.9 million, excluding one-time charges, Ligand said.
Revenues for the year ended Dec. 31 shot up 131 percent to $40.9 million from $17.7 million in 1998 resulting from the launch of two oncology drugs, Panretin gel and Ontak, last February and payments from partners, Ligand said.
“We anticipate improved results as we move toward our goal of profitability in 2000, as we believe that revenues from the launch of Targretin capsules and an increase in revenues for Ontak and Panretin gel will allow us to leverage the expanded sales and marketing infrastructure,” said Paul V. Maier, senior vice president and chief financial officer at Ligand.