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news.Ligand Pharmaceuticals, an early-stage biotech company, has reported a net loss of $69.6 million, or $0.72 per share, in the fourth quarter of 2008, compared to a net income of $5.9 million, or $0.06 per share, in the same period of 2007.
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Net loss in 2008 was $98.1 million, or $1.03 per share, compared with a net income of $281.7 million, or $2.87 per share, in 2007.
For the fourth quarter of 2008, total revenues were $12.4 million, compared with $5.8 million in the fourth quarter of 2007. Total revenues in 2008 were $27.3 million, compared with $12.9 million in 2007.
In addition to revenues from royalty payments related to sales of Avinza, fourth quarter and full year 2008 revenues included $5 million related to the license of LGD-4665 to GlaxoSmithKline and $2 million of milestones related to the FDA approval of Promacta.
John Higgins, president and CEO of Ligand, said: We had an ambitious plan and finished the year with many positive developments that we believe will transform the company.
Notably, we significantly added to our future revenue and cash-flow potential by acquiring Pharmacopeia, we entered into an expanded alliance with GSK for our TPO program and we saw the approval of Promacta. Our management team and board remain committed to a strategic growth plan which we hope will deliver superior returns to shareholders over time.