Ligand Pharmaceuticals, Inc. Secures $10 Million from Square 1 Bank
SAN DIEGO, Jun 29, 2011 (BUSINESS WIRE) -- Square 1 Bank, the exclusive banking partner to entrepreneurs and the venture capital community, proudly announces the extension of a combined credit facility totaling $10 million to Ligand Pharmaceuticals, Inc., a biopharmaceutical company based out of La Jolla, CA, who has used its drug development expertise to produce over 40 clinical candidates, 22 INDs, and five approved drugs. The initial revolving line of credit was secured at $5 million back in March, then it was increased another $5 million in April.
With a business model that is based upon the concept of developing or acquiring royalty revenue generating assets and coupling them to an efficiently lean corporate cost structure, Ligand diversifies the portfolio of assets across numerous technology types, therapeutic areas, drug targets, and industry partners, to offer investors a de-risked opportunity to invest in the increasingly complicated pharmaceutical industry.
John Sharp, CFO of Ligand, said, "Square 1 demonstrated a true entrepreneurial spirit, which we identified with and appreciated. They were able to move very quickly throughout the entire process providing us a solution to our short-term needs. We look forward to working with Square 1 as we continue to expand and develop our portfolio of assets."
"Ligand's great story immediately drew us in," said Scott Foote, SVP and Managing Director of Square 1's Life Sciences practice. "We're proud to be a long term partner with a company that has such an exciting pipeline of products and strong management team."
About Ligand Pharmaceuticals
Ligand is a biopharmaceutical company with a business model that is based upon the concept of developing or acquiring royalty revenue generating assets and coupling them to a lean corporate cost structure. Ligand's goal is to produce a bottom line that supports a sustainably profitable business Ligand has established multiple alliances with the world's leading pharmaceutical companies including GlaxoSmithKline, The Medicines Company, Pfizer, Bristol-Myers Squibb and AstraZeneca. For more information, please visit www.ligand.com . Follow Ligand on Twitter @Ligand_LGND.
About Square 1
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide solid support for its clients' needs. The bank offers tailored products and solutions aided by the latest in technological innovations. To serve its relationships, Square 1 has offices coast to coast in Austin, Boston, Boulder, Durham, McLean, New York, San Diego, Santa Monica, Seattle, and Silicon Valley. For more information, visit www.square1bank.com .