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Rigel Announces Fourth Quarter and Year End 2007 Financial Results
Date:2/12/2008

s of $74.3 million, or $2.57 per share. This compares to revenues of $33.5 million and a net loss of $37.6 million, or $1.51 per share for the same period in 2006. The decrease in revenue is due to various milestone and upfront payments from Merck, Merck Serono and Pfizer recognized in 2006.

As of December 31, 2007, Rigel had cash, cash equivalents and available for sale securities of $108.3 million, compared with $112.5 million at September 30, 2007 and $104.5 million at December 31, 2006. During the first quarter of 2008, we completed a public offering in which we sold 5,000,000 shares of our common stock at a price of $27.00 per share. We received net proceeds of approximately $127.5 million after deducting underwriting discounts and commissions and offering expenses.

"The recent announcement of the results from our Phase 2 clinical trial in rheumatoid arthritis with our lead drug candidate, R788, has focused investors' interest in Rigel's R&D programs," said James M. Gower, Rigel's chairman and chief executive officer. "As a result of our recent financing, we are positioned to move R788 into advanced clinical studies while continuing development of new therapeutic opportunities in our pipeline."

About Rigel (http://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 cancer, as well as viral and metabolic diseases. Our goal is to file one new investigational new drug application in a significant indication each year. Rigel has achieved this goal every year since 2002. Our pioneering research focuses on intracellular signaling pathways and related targets that are critical to disease mechanisms. Rigel's productivity has resulted in seven strategic collaborations with large pharmaceutical partners to develop and market our product candidates. Rigel has product dev
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SOURCE Rigel Pharmaceuticals, Inc.
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