886163--3/16/2007--LIGAND_PHARMACEUTICALS

related topics

{product, liability, claim}

{product, candidate, development}

{acquisition, growth, future}

{financial, litigation, operation}

{property, intellectual, protect}

{control, financial, internal}

{cost, regulation, environmental}

{investment, property, distribution}

Significant returns of products we sold prior to selling our commercial businesses could harm our operating results. Return from any dividend is speculative; you may not receive a return on your securities. We will have continuing obligations to indemnify the buyers of our commercial businesses, and may be subject to other liabilities as a result of the sale of our commercial product lines. Our product development involves a number of uncertainties, and we may never generate sufficient revenues from the sale of products to become profitable. Our drug development programs will require substantial additional future funding which could hurt our operational and financial condition. Our product candidates face significant regulatory hurdles prior to marketing which could delay or prevent sales. The restatement of our consolidated financial statements has had a material adverse impact on us, including increased costs and the increased possibility of legal or administrative proceedings. Material weaknesses or deficiencies in our internal control over financial reporting could harm stockholder and business confidence on our financial reporting, our ability to obtain financing and other aspects of our business. We may require additional money to run our business and may be required to raise this money on terms which are not favorable or which reduce our stock price. We rely heavily on collaborative relationships and termination of any of these programs could reduce the financial resources available to us, including research funding and milestone payments. Challenges to or failure to secure patents and other proprietary rights may significantly hurt our business. Our legacy commercial businesses exposes us to product liability risks and we may not have sufficient insurance to cover any claims. We use hazardous materials which requires us to incur substantial costs to comply with environmental regulations.

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886163--3/16/2007--LIGAND_PHARMACEUTICALS_INC