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Ligand chief resigns

The chief executive officer of Ligand Pharmaceuticals Inc. resigned to pursue other opportunities, the company announced the morning of Aug. 1.

A member of the drug development company’s board of directors, Henry Blissenbach, will serve as CEO until the firm finds a replacement for David Robinson. The company said the search will begin immediately.

“David has built what was a small, private research-stage company in 1991 into a publicly traded specialty pharmaceutical company with five marketed products and revenues approaching $200 million per year,” Blissenbach said in a prepared media release.

Blissenbach has served on Ligand’s board since 1995 and recently retired as CEO of BioScrip, a public specialty drug distribution company.

As a director at Ligand, Blissenbach sat on the audit and nominating committees and was chairman of the compensation committee.

The firm has four medications on the market, including ones for cancer, dermatology and severe pain.

In June, Ligand settled lawsuits for $12.2 million, including federal and state shareholder lawsuits and a securities class-action suit. Some of the shareholder suits accused the firm of overstating sales. For months, the company was engulfed in restating financial reports for 2002, 2003 and much of 2004. It had been knocked off the Nasdaq stock exchange for failing to file timely reports. In June, it regained its listing, which is LGND.

Stock traded up 5 cents at $9.28 the morning of the Robinson resignation announcement. Second-quarter financial results are scheduled to be announced Aug. 9.

, Katie Weeks

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