Ligand spins out X-Ceptor, raises $13.9mm

To avoid self-financing and the risks and expenses of a new development program, Ligand has spun out an independent drug discovery company called X-Ceptor, which will utilize its intracellular receptor technology (not already out-licensed to Ligand's partners) to develop therapeutics in the area of orphan nuclear receptors (transcription-regulating proteins). Concurrent with the spin-out, X-Ceptor has raised $13.9mm and hopes to raise an additional $13.3mm later this year.