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Rigel Announces First Quarter 2009 Financial Results
Date:5/5/2009

sale securities of $104.8 million compared to $134.5 million as of December 31, 2008. Rigel believes its cash, cash equivalents and available for sale securities are sufficient to maintain its current development priorities through the second quarter of 2010.

"We expect to deliver top-line results in July 2009 from both our TASKi2 and TASKi3 clinical trials," said James M. Gower, chairman and chief executive officer of Rigel. "These two trials add over 670 additional patients studied with R788 in rheumatoid arthritis to the 189 patients studied from our Phase 2a trial reported in December 2007," he added.

About Rigel (www.rigel.com)

Rigel is a clinical-stage drug development company that discovers and develops novel, small-molecule drugs for the treatment of inflammatory/autoimmune diseases and metabolic diseases. Our pioneering research focuses on intracellular signaling pathways and related targets that are critical to disease mechanisms. Rigel's productivity has resulted in strategic collaborations with large pharmaceutical partners to develop and market our product candidates. Rigel has product development programs in inflammatory/autoimmune diseases such as rheumatoid arthritis thrombocytopenia and asthma, as well as in cancer.

This press release contains "forward-looking" statements, including statements related to relating to the timing of clinical development of R788 and the sufficiency of its cash, cash equivalents and available for sale securities. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as "believes," "expects" and similar expressions are intended to identify these forward-looking statements. There are a number of important factors that could cause Rigel's results to differ materially from those indicated by these forward-looking
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SOURCE Rigel Pharmaceuticals, Inc.
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