LIGAND ANNOUNCES SEC INVESTIGATION

Ligand Pharmaceuticals Incorporated (Pink Sheets:LGND) has been informed that the Securities and Exchange Commission (the "SEC") has opened a non-public formal investigation in connection with the restatement of the company's financial statements as of and for the years ended December 31, 2002 and 2003 and for the quarters of 2003 and the first three quarters of 2004. The company intends to fully cooperate with the investigation. The restatement was initially brought to the Commission's attention by the company.
Genetic Engineering News