Ligand Pharmaceuticals requests filing extension from Nasdaq

By Jennifer Chiou

New York, Sept. 1 - Ligand Pharmaceuticals Inc. said it asked the Nasdaq listing qualifications panel to give it more time to regain full compliance with Nasdaq's rules for filing reports with the Securities and Exchange Commission.

On Aug. 15, the San Diego, Calif., company said the panel granted its similar request on condition that Ligand file its 10-K for the fiscal year ended Dec. 31, 2004 on or before Aug. 31 as well as its first and second quarter 10-Qs by Sept. 9.

In its new request, the company notified the panel it was unable to meet the Aug. 31 deadline.

Ligand and the audit committee of its board said while "significant milestones" have been completed since the last extension request, additional time is needed "due to the complexity of developing, validating, documenting, testing and auditing the new revenue recognition models" and for work required for a complete audit of earlier years.

On May 20, the company announced it would restate its consolidated financial statements for the years ended Dec. 31, 2002 and Dec. 31, 2003 and for the quarters of 2003 and the first three quarters of 2004.

Ligand develops and markets drugs for cancer, pain, skin diseases, men's and women's hormone-related diseases, osteoporosis, metabolic disorders and cardiovascular and inflammatory diseases.

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