Ligand awarded $1,955,834 federal grant under Patient Protection and Affordable Care Act

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.

“The award represents an important source of non-dilutive funding for our product pipeline.”

"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.