OTCPicks.com: OTCPicks.com Stocks to Watch for Friday, September 26th EDIG, ANPI, PCOP

Fri. September 26, 2008; Posted: 12:30 PM

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E DIGITAL CORPORATION (OTCBB: EDIG | Quote | Chart | News | PowerRating) "Up 51.00% on Thursday"

Detailed Quote: http://www.otcpicks.com/quotes/EDIG.php

e.Digital is a leading innovator of dedicated portable entertainment systems. e.Digital also owns and is pursuing the monetization of its Flash-R(TM) portfolio of flash memory-related patents. e.Digital was the first company to employ and patent important aspects of the use of removable flash memory in portable recording devices.

EDIG News:

September 25 - e.Digital Announces First Flash-R Patent Portfolio License and Settlement Agreement

Company Also Cross-Licenses Multimedia-Related Patents

e.Digital Corporation (OTCBB: EDIG), a leading technology innovator of dedicated portable entertainment systems and patented flash memory-related technology announced that a major electronics manufacturer has purchased the first license for its Flash-R(TM) patent portfolio. Under the terms of the confidential licensing and settlement agreement, e.Digital is receiving a one-time licensing fee and cross-license rights to certain patents covering multimedia-related products.

e.Digital's Flash-R patent portfolio covers certain aspects of the use of flash memory, addressing today's large and growing portable electronics products market. The Company unveiled the first portable recorder with removable flash memory in 1993 and believes its patent portfolio to be essential to many consumer electronics products that utilize flash memory including cell phones, digital cameras, camcorders, PDA's and other popular devices. In September 2007 and March 2008, the Company filed its first Flash-R portfolio patent infringement litigation against eight defendants.

"We are very pleased to have entered into what we believe will be the first of many Flash-R patent portfolio licensing agreements," said Robert Putnam, senior vice president of e.Digital Corporation.

ANGIOTECH PHARMACEUTICALS INCORPORATED (NASDAQ: ANPI | Quote | Chart | News | PowerRating) "Up 25.81% on Thursday"

Detailed Quote: http://www.otcpicks.com/quotes/ANPI.php

Angiotech Pharmaceuticals, Inc. is a global specialty pharmaceutical and medical device company with over 1,500 dedicated employees. Angiotech discovers, develops and markets innovative treatment solutions for diseases or complications associated with medical device implants, surgical interventions and acute injury.

ANPI News:

September 25 - Angiotech's corporate partner, Boston Scientific, announces FDA approval of TAXUS Express(2) Atom Stent System, first drug-eluting stent for small vessels

Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI | Quote | Chart | News | PowerRating) (TSX: ANP) ("Angiotech"), a global specialty pharmaceutical and medical device company, reported that its corporate partner, Boston Scientific Corporation (NYSE: BSX), has received U.S. Food and Drug Administration (FDA) approval to market its TAXUS Express(2)(TM) Atom(TM) Paclitaxel-Eluting Coronary Stent System. The TAXUS Express Atom Stent is a highly deliverable drug-eluting stent (DES) specifically designed for treating small coronary vessels. It is the only DES approved by the FDA for use in vessels as small as 2.25 mm in diameter. BSC plans to launch the product immediately.

"The TAXUS Express Atom Stent will provide better options for U.S. patients with coronary artery disease in small vessels," said Gregg Stone, M.D., Chairman of the Cardiovascular Research Foundation and Professor of Medicine at Columbia University Medical Center, and Principal Investigator of the TAXUS IV and V clinical trials. "This is a welcome addition to the range of available drug-eluting stents, since patients with small vessels who are currently treated with bare-metal stents experience high rates of restenosis. In the TAXUS V clinical trial, the TAXUS Express Atom Stent significantly reduced the chance of restenosis and the need for repeat procedures compared to bare-metal stents, in patients with small vessel disease."

"We congratulate Boston Scientific on further expanding the paclitaxel DES portfolio to help interventional cardiologists address the unmet needs of patients suffering from small vessel disease," said Dr. William Hunter, President and CEO of Angiotech. "We believe this approval reflects the progress Boston Scientific is making towards resolving the issues outlined two years ago in the Corporate Warning Letter," he added.

Currently the leading drug-eluting stents worldwide, TAXUS Stent Systems have been evaluated by the industry's most extensive randomized, controlled clinical trial program, as well as studied in more than 35,000 real-world patients enrolled in post-approval registries. To date, approximately 4.6 million TAXUS Stents have been implanted worldwide.

PHARMACOPEIA INCORPORATED (NASDAQ: PCOP | Quote | Chart | News | PowerRating) "Up 24.37% on Thursday"

Detailed Quote: http://www.otcpicks.com/quotes/PCOP.php

Pharmacopeia is a clinical development stage biopharmaceutical company dedicated to discovering and developing novel small molecule therapeutics to address significant medical needs. The company has a broad portfolio of clinical and preclinical candidates under development internally or by partners including nine clinical compounds in Phase 2 or Phase 1 development addressing multiple indications including diabetic nephropathy, muscle wasting and inflammation. The company is leveraging its fully integrated drug discovery platform to sustain the growth of its development pipeline. Pharmacopeia has established strategic alliances with major pharmaceutical and biotechnology companies, including Bristol-Myers Squibb, Celgene, Cephalon, GlaxoSmithKline, Schering-Plough and Wyeth Pharmaceuticals.

PCOP News:

September 24 - Ligand to Acquire Pharmacopeia for Stock and Contingent Value Rights

Acquisition Would Result in Well Capitalized Company with Robust Royalty Assets and Broad Research Pipeline

Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) announced that it has entered into a definitive merger agreement to acquire Pharmacopeia (Nasdaq: PCOP), in a deal valued up to $70 million. The transaction is structured as a stock-for-stock exchange and in addition, Pharmacopeia stockholders will be entitled to a Contingent Value Right ("CVR"). The CVRs will entitle holders under certain circumstances to a cash payment of an aggregate of $15 million for all Pharmacopeia stockholders.

"We are very excited about combining Pharmacopeia with Ligand," said John L. Higgins, President and Chief Executive Officer of Ligand Pharmaceuticals. "Ligand stockholders will gain access to numerous royalty partnerships, additional pipeline assets, drug discovery resources and cash and NOLs. Pharmacopeia's shareholders will receive a substantial amount of equity in a well capitalized company with lucrative potential royalties, an expanded pipeline and financial liquidity. We are committed to running a company that has a broad array of royalty assets and pipeline programs, backed by a strong balance sheet and staunch spending discipline. This is a unique opportunity for Ligand and Pharmacopeia shareholders. Both companies have similar growth strategies, and our respective drug discovery platforms are a great marriage of biology and chemistry resources. The acquisition of Pharmacopeia will complement and accelerate our product development programs, strengthen our research capability and increase our potential royalty streams."

Joseph A. Mollica, Ph.D., Chairman of the Board and Interim President and Chief Executive Officer of Pharmacopeia, stated, "Pharmacopeia's portfolio of programs is an excellent complement to Ligand's pipeline and over the next decade we believe the combined company will have important product introductions. On behalf of our Board, I would like to thank all of our employees for the dedication they have shown in pursuit of our scientific goals and the value they have created for our shareholders. We are excited about this transaction and look forward to sharing in the potential upside of the combined businesses by joining forces with a strong company like Ligand."

Details of the Proposed Transaction

Under the terms of the agreement, Ligand will issue approximately 17.5 million shares, subject to adjustment for Pharmacopeia options at closing, or 0.58 shares for each outstanding Pharmacopeia share such that current Ligand stockholders would own approximately 84% of the combined company and Pharmacopeia stockholders would own approximately 16%.

This exchange ratio is based on closing prices of Ligand shares between $3.00 and $3.75 for a period prior to the closing date and based on Ligand's closing price on September 24, 2008 of $3.12 implies a purchase price of $1.81 per common share of Pharmacopeia, or an equity value of approximately $55 million and a premium over today's closing price of Pharmacopeia of 52%. These values exclude a potential for approximately $0.50 per share or an aggregate of $15 million related to the CVR.

The transaction includes a collar that provides for a fixed exchange ratio within a stock price range of Ligand stock of $3.00 and $3.75. At prices between $3.75 and $4.50, value is fixed at $66 million. At prices above $4.50, the exchange ratio is fixed at 0.49. At prices below $3.00, value is fixed at $52.8 million, including some cash contribution at prices below $2.93 and above $2.38. Below $2.38 the consideration is fixed at 0.60 shares and $10 million in cash in the aggregate and at prices equal or less than $1.65 Pharmacopeia has the right to terminate the agreement.

In addition, the Pharmacopeia stockholders will receive Contingent Value Rights (CVRs) under which they could receive an aggregate $15 million cash payment if Ligand enters into a license, sale, development, marketing or option agreement with respect to its DARA program by December 31, 2011. The CVRs will not be transferable.

The transaction is expected to close by the first quarter of 2009 and is subject to the approval of Pharmacopeia stockholders and antitrust regulatory clearance, as well as other customary closing conditions.

The transaction is intended to qualify as a tax-free reorganization.

ABOUT LIGAND PHARMACEUTICALS

Ligand discovers and develops new drugs that address critical unmet medical needs of patients with thrombocytopenia, hepatitis C, hormone-related diseases, osteoporosis, inflammatory diseases and anemia. Ligand's proprietary drug discovery and development programs are based on its leadership position in gene transcription technology.

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