Ligand plans $30 million at-the-market offering of common stock

Cantor Fitzgerald is agent; funds for general corporate purposes

By Marisa Wong

Madison, Wis., March 26 - Ligand Pharmaceuticals Inc. negotiated an up to $30 million at-the-market equity sales agreement with Cantor Fitzgerald & Co. as agent on Monday, according to a prospectus supplement and an 8-K filing with the Securities and Exchange Commission.

Following the offering, the company will have up to 21,338,704 common shares outstanding, assuming a purchase price of $18.05 (Nasdaq: LGND), the closing share price on March 23.

Ligand will pay Cantor a commission of up to 3%.

Proceeds will be used for general corporate purposes, including capital expenditures and working capital, and for repayment of the company's credit lines.

Ligand is a La Jolla, Calif.-based biotechnology company.

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