Rigel Announces First Quarter 2009 Financi...(statements including risks associated wi...)

Date:5/5/2009

statements, including risks associated with the timing and success of clinical trials, potential problems that may arise in the clinical testing and approval process and Rigel's need for additional capital, as well as other risks detailed from time to time in Rigel's SEC reports, including its Annual Report on Form 10-K for the year ended December 31, 2008. Rigel does not undertake any obligation to update forward-looking statements.

                            STATEMENTS OF OPERATIONS
                    (in thousands, except per share amounts)

                                               Three Months Ended March 31,
                                                       2009          2008
                                                       ----          ----
                                                          (unaudited)
    Revenues:
      Contract revenues                                   $-            $-

    Operating expenses:
      Research and development (see Note A)           24,538        21,620
      General and administrative (see Note A)          4,603         7,125
      Restructuring charges (see Note A)               1,141             -
                                                       -----           ---
           Total operating expenses                   30,282        28,745
                                                      ------        ------
    Loss from operations                             (30,282)      (28,745)
    Interest income, net                                 294         1,483
                                                         ---         -----
    Loss before income taxes                         (29,988)      (27,262)
    Income tax benefit                                    66             -
                                                         ---           ---
    Net loss                                        $(29,922)     $(27,
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SOURCE  Rigel Pharmaceuticals,  Inc.
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