Ligand Pharmaceuticals Incorporated, a biotechnology company, focuses on the discovery and early-stage development of pharmaceuticals for the critical unmet medical needs in the United States. The company owns Pharmacopeia, Inc., a clinical development stage biopharmaceutical company. Pharmacopeia engages in the discovery and development of small molecule therapeutics to address significant medical needs. Pharmacopeia had a portfolio of clinical and preclinical candidates under development internally or by partners. Internal Product Development Programs Dual-Acting Angiotensin and Endothelin Receptor Antagonist (DARA) Program The company has a licensing agreement, or the DARA License Agreement, with Bristol-Myers Squibb (BMS), which provides it with a license under certain BMS patents with respect to worldwide development and commercialization of DARA (PS433540), as well as certain other compounds discovered by BMS that possess dual angiotensin and endothelin receptor antagonist, or DARA, activity. DARA has been studied in seven Phase I and two Phase II clinical studies, including a Phase II study in hypertensive patients. In February 2009, the company announced preliminary results of a Phase IIb study of DARA which compared 200 mg, 400 mg, and 800 mg doses of PS433540 versus placebo and irbesartan for 12-weeks in hypertensive patients. Selective Androgen Receptor Modulators (SARM) Research and Development Programs The company is developing tissue selective androgen receptor modulators, or SARMs, a class of non-steroidal, orally active molecules that modulate the activity of the androgen receptor in different tissues, providing a range of opportunities for the treatment of diseases and disorders in both men and women. LGD-2941, a SARM, was selected as a clinical candidate during its collaboration with TAP. As part of its joint development and research alliance with TAP Pharmaceutical Products, Inc. (TAP), the company exercised an option to select for development one compound and a back-up, LGD-3303 and LGD-3129, respectively, out of a pool of compounds available for development. The company filed an Investigational New Drug (IND) in December 2008 for LGD-4033. Chemokine Receptor (CCR1) program In February 2008, the company announced the nomination of PS031291 as a preclinical development compound from its internal chemokine receptor CCR1 program. PS031291 is a potent and highly selective antagonist at the chemokine receptor CCR1. Erythropoiein (EPO) Research Program The company is developing small molecule agonists for the EPO receptor. EPO stimulates the differentiation of bone marrow stem cells to form red blood cells. Various recombinant human EPO derivatives are marketed for the treatment of anemia due to renal failure or cancer chemotherapy (Aranesp, Epogen, Eprex, and Procrit). Selective Glucocorticoid Receptor Modulators (SGRM) Research and Development Program The company is developing SGRMs for inflammation, cancer indications and other therapeutic applications. Its studies of these compounds are in the research stage.