Ligand Pharmaceuticals Incorporated LGND announced today that it has
received a milestone payment of 620,000 shares of common stock in newly public
partner Retrophin, Inc.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 (a Dual Acting Receptor Antagonist of Angiotensin and Endothelin
receptors) and was triggered by the completion of Retrophin's merger with
Desert Gateway, Inc. 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.
RE-021 is in development for the treatment of focal segmental
glomerulosclerosis (FSGS), a rare disease that attacks the kidney's filtering
system (glomeruli), causing serious scarring, progressive kidney function
degeneration and rapid loss of the kidneys. FSGS is one cause of a serious
condition known as Nephrotic Syndrome. An estimated 50,000 patients in the
United States suffer from FSGS, with most patients diagnosed as children or
young adults. 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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