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SAN DIEGO----Ligand Pharmaceuticals
Incorporated (NASDAQ:LGNDE) announced today it has exercised the final
option under its November 2004 agreement with Eli Lilly and Company
(NYSE:LLY) to buy down a further portion of the royalties payable to
Lilly on sales of Ligand 's marketed cancer drug ONTAK(R) (denileukin
diftitox) in the United States.
"The exercise of this second option provides additional strategic
and financial value for Ligand and our stockholders, " said Paul V.
The Power3 intellectual property portfolio includes other pending patents,
provisional patent applications, and research and license agreements with
leading medical research institutions in the areas of cancer, drug resistance,
metabolic syndrome, and neurodegenerative disease.

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Power3 Medical Files Provisional Patent Application for Biomarker-based Method to Diagnose ALS vs. ALS-like Disorders

(OTC: PWRM."
Power3's test comprises collecting a blood sample from a patient,
separating the proteins present in the sample, analyzing a panel of protein
biomarkers using proteomic techniques, and determining whether or not the
patient has ALS based on the quantity of the biomarkers in the patient's
sample combined with biostitistical analysis.
Collected immediately after birth, newborn stem cells are derived from the
blood remaining in the umbilical cord.

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S. sales in
excess of $72 million.
Ligand disclaims any intent or obligation to update these
forward-looking statements beyond the date of this release.5% compared to revenue for the same period in 2003

"CBR has experienced a year of explosive growth," said Johnnie Domingue,
Cord Blood Registry's VP, COO, and CFO. Stem cells are currently used to treat
75 life-threatening illnesses such as cancer , leukemia, sickle cell anemia,
and other serious blood and immune disorders.com or call 1-888-CORD BLOOD (1-888-267-3256).

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Ligand's proprietary drug discovery and development programs
are based on its leadership position in gene transcription technology,
primarily related to intracellular receptors .ligand. These include statements
regarding strategic and financial value, the accretiveness of the
transaction; gross margins, profit profile, development and commercial
investments, market potential , and the CMS reimbursement environment;
exercise of options and related payments and royalty reductions;
results of ongoing ONTAK clinical studies and further marketing
approvals. Blood-based Diagnostic Test Could Provide Means for Early Diagnosis
of Lou Gehrig's disease (ALS )

THE WOODLANDS, Texas, Power3 Medical
Products, Inc. Leading Cord Blood Bank Riding a Consumer Market Explosion

SAN BRUNO, Calif. Recent scientific discoveries
and emerging uses for stem cells are compelling an increasing number of
families to invest in preserving newborn stem cells as a type of "biological
insurance.asp

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For more information, go
to www.Power3Medical. The Company's patent-pending technologies are
being used to develop screening and diagnostic tests for the early detection
and treatment of disease.

willebrand hematologic

Additionally, we believe the improved gross
margins, together with the improved CMS reimbursement environment in
2005 compared to 2004, will provide ONTAK with a more attractive brand
profit profile incentivizing the company to make further development
and commercial investments to expand its market potential. Actual events or results may differ from Ligand's
expectations. This application
is one of 12 provisional patent applications, 9 utility patents pending, and 1
issued patent, owned and/or licensed by Power3.

Contacts:
Steven B."
For the 12 months ended December 31, 2004, revenues increased by 67%
compared to revenue for the same period in 2003, and enrollments increased by
78% compared to the same period in 2003.cordblood.

apheresis platelet

"The reality is that we truly are a bank, and our clients rely on our
quality, experience, and long-term fiscal management," said Stephen Grant ,
Vice President and Co-founder of CBR. And unfortunately,
there is only one chance to collect and save these priceless cells. The stem cells preserved by CBR
are collected immediately after the birth of a newborn and are then available
to be used in treatments for the newborn, siblings, and any compatible genetic
family member.

Media Relations Contact: Rita Kennen, Cord Blood Registry, 1-800-588-6377,
Ext.

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S. (if ONTAK gains marketing approval in other
geographies) are excluded from this agreement and will continue at the
previous non-tiered contract royalty rate of 20%. Goldknopf, Chief Scientific Officer of Power3 Medical.

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sales between
$50 million and $72 million , and at a rate of 10% on net U. Food and Drug Administration granted
Seragen, Inc. Additional information concerning these and
other risk factors affecting Ligand's business can be found in prior
press releases as well as in Ligand's public periodic filings with the
Securities and Exchange Commission , available at www.

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S.S.com. "The number of client samples
processed has increased more than 150% over this time last year.

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In January 2005 Ligand exercised the first option which provided
for a one -time payment of $20 million to Lilly in exchange for the
elimination of ONTAK royalty obligations in 2005, and a reduced,
reverse-tiered royalty scale on ONTAK sales in the U. The application is in support
of the Company's planned second Pre-IDE application to be filed with the
United States Food and Drug Administration (FDA) to seek their guidance on
aspects of the approval process for the diagnostic tests being commercialized
by the Company.

This press release contains "forward-looking" statements, including
statements related to the outcome of certain actions being taken by the
Company and the anticipated timing and nature of filings with the Securities
and Exchange Commission.

nhlbi leukemia

S."
Under the agreement between the two companies, Ligand and Lilly
each had two options related to ONTAK royalties. Recent and current ONTAK development programs include Phase II
clinical trials in patients with chronic lymphocytic leukemia,
peripheral T-cell lymphoma, B-cell non-Hodgkin's lymphoma, non-small
cell lung cancer, and graft-versus-host disease, indications that
represent significantly larger market opportunities than CTCL., the
leader in newborn stem cell processing and cryopreservation for familial use
in transplantation and regenerative medicine .

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Thereafter, Ligand will pay
royalties to Lilly at a rate of 20% on net U. Power3 assumes no obligation to update forward-looking statements as a
result of new information, future events or otherwise.

For more information,
visit http://www.

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About ONTAK

In February 1999 the U. The
Company operates a state-of-the-art proteomics laboratory in The Woodlands,
Texas.
For the fourth quarter of 2004, CBR reported:

-- Enrollment growth of 147% above the level achieved in the same period
of 2003
-- Revenue growth of 93.

transfusion myeloma

Lilly's royalty interest in
ONTAK arises out of Lilly's prior relationship with Seragen, which was
renegotiated in connection with Ligand's acquisition of Seragen in
1998.
Words such as "will," "expects," "anticipates," "plans," and similar
expressions are intended to identify these forward-looking statements.com

Website Media Resources:
http://www.

lymphedema blood

Because both options were exercised, beginning in 2007 and throughout
the remaining ONTAK patent life (2014), Ligand will pay no royalties
to Lilly on U. "We
believe the reduced royalty obligations will be accretive to earnings
beginning in this year. There
are a number of important factors and uncertainties that could cause results
to differ materially from those indicated by these forward-looking statements,
including risks inherent in research and development activities; the ability
to raise sufficient capital and obtain financing for the development
activities; uncertainties associated with regulatory approvals; as well as
other risks detailed from time to time in Power3 's reports filed with the
Securities and Exchange Commission, including its Annual Report on Form 10-KSB
for the year ended December 31, 2003, and its reports on Form 10-QSB and Form
8-K. As of December 31, 2004, CBR had
$25 million in cash and investments with no long-term debt.

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Ligand Exercises Final Option to Buy Down ONTAK Royalties

S. Any statements in this press release, which are not
statements of historical fact, may be deemed to be forward-looking statements. Once transplanted, the cells have the potential to repair
damaged or diseased tissues with little risk of rejection and increased
long -term survival.

willebrand lymphoproliferative

The patent application is being filed in conjunction with
major research institutions in the Houston area, with Power3 having an
exclusive license to commercialize the technology involved .
CBR currently preserves over 290,000 newborn stem cell units for clients
in its state-of -the-art Tucson laboratory and has provided more cord blood
samples to leading transplant physicians and medical centers than all other
family cord blood banks combined." Studies have shown that survival rates can more than double when
genetically related newborn stem cells are used for patients compared to
unrelated newborn stem cells.

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thereafter. thereafter.com

Caution Regarding Forward-Looking Statements

This news release contains certain forward-looking statements by
Ligand that involve risks and uncertainties and reflect Ligand's
judgment as of the date of this release. The company 's research and development is focused on
advancing the collection, processing, and storage methods to optimize quality
and cell yield.

hemochromatosis anemia

S.
Maier, Ligand's senior vice president and chief financial officer. "Our objective is to obtain patent
protection for Power3's intellectual property rights used in tests measuring
changes among groups of biomarkers for the early detection of neurological
diseases. We believe that patent protection for the specific diagnosis of ALS
will prove to be a strong asset in the Company's ever growing intellectual
property portfolio, and thereby, serve to enhance shareholder value. The Company also intends to
extend the technology to high throughput immunodiagnostics suitable for
clinical laboratories and doctors' offices.com , is a leading
proteomics company engaged in the discovery of protein footprints, pathways,
and mechanisms of diseases.
T: 281-466-1600

Cord Blood Registry Reports Record Growth in Revenue

Highlights in 2004 also include CBR's sixth consecutive year of
profitability and positive cash flow from operating activities, and the
purchase of an 80,000-square-foot processing and storage facility in Tucson,
AZ. "The difference with CBR is that while
money is replaceable, the life of a loved one is not .

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Sales outside the U. With Ligand's latest exercise, there are no remaining
options under the agreement.

About Ligand

Ligand discovers, develops and markets new drugs that address
critical unmet medical needs of patients in the areas of cancer, pain,
skin diseases, men's and women's hormone-related diseases,
osteoporosis, metabolic disorders, and cardiovascular and inflammatory
diseases. This
caution is made under the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.PK) announced today that it has filed a provisional
patent application with the United States Patent and Trademark Office for the
Company's first generic, blood-based Lou Gehrig 's disease (ALS) specific
diagnostic test.

About Power3 Medical Products
Power3 Medical Products, http://www. Additionally, CBR facilitates collection of donated research
samples , available for the nearly 200 research programs worldwide that are
focused on stem cell expansion and cell-based therapies.

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sales between $38
million and $50 million, at a rate of 15% on net U.S .
"The purpose of this blood serum test is to diagnose whether a patient has
ALS and distinguish that from patients who have ALS like symptoms but do not
have ALS," says Ira L."
"Neurodegenerative diseases are difficult to diagnose, particularly in
their early stages, because currently there are no objective blood serum tests
available for the early diagnosis of these diseases," said Steven Rash,
chairman and chief executive officer. Rash
Chairman and CEO
Power3 Medical Products, Inc. CBR has released 36 samples for use in
transplant, eight of which were released in the last 12 months.com/cord_blood_news/media/index.

hematologic anemia

in 2006, and a reduced, reverse-tiered royalty scale
on net sales in the U. In addition to the
independent options exercised by Ligand, Lilly had options in 2005 to
trigger the same royalty buydown on Ligand's part for a total
consideration of up to $37 million, depending on whether Ligand had
exercised one or both of its options and ONTAK had achieved certain
sales levels.S. There can be no assurance that our strategic or
financial value will increase , that the transaction will be accretive;
that profits or margins will improve, that CMS reimbursement policies
will not change; that ONTAK sales or the market will continue to grow;
that Ligand will make further investments in the development of ONTAK;
that clinical studies will be successful or that further marketing
approvals will be granted. The Company's identified protein biomarkers, drug
targets, and diagnostic tests are targeted toward markets with critical unmet
needs in areas such as breast cancer and neurodegenerative disease., Cord Blood Registry (CBR), the
world's leading newborn stem cell bank, today announced record revenue and
accelerated growth for the year ended December 31, 2004. The fact that
we have a strong asset base, profitable operations, and no outstanding debt
clearly demonstrates our financial stability, which provides our clients with
confidence in their long-term commitment.cordblood.

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Ligand will make a one-time cash payment of $13 million to Lilly
in exchange for elimination of the ONTAK royalties due to Lilly on net
sales in the U ."

About Cord Blood Registry
Cord Blood Registry is a registered trademark of Cbr Systems , Inc. 239 rkennen@cordblood.

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sales up to $38 million., a wholly owned subsidiary of Ligand, marketing approval
for ONTAK for the treatment of patients with persistent or recurrent
cutaneous T-cell lymphoma (CTCL) whose malignant cells express the p55
(CD25) component of the IL2 receptor.ligand .
"The test is being developed for use by internists and general neurologists,
to help them refer the patient to an ALS clinic, and for ALS specialists as
well.