Another piece in place for Ligand

Saturday's announcement by Ligand Pharmaceuticals Inc. that it has raised $32.5 million in a subscription unit offering marks the completion of a series of transactions that have moved LGND from an early stage company to a new level of maturity.

At a time when most biotech companies are struggling to find the next dime, LGND's $97 million in cash is sufficient for four years - enough to see the company's first proprietary products through to market, and possibly enough to see LGND through to profitability, according to President and CEO David Robinson...