Rigel Announces Pricing of Public Offering of Co...( SOUTH SAN FRANCISCO Calif. Jan. 3...)

SOUTH SAN FRANCISCO, Calif., Jan. 31 /PRNewswire-FirstCall/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today announced the pricing of its public offering of 5,000,000 shares of common stock at a price of $27.00 per share. All of the shares are being offered by Rigel. The underwriters have an option to purchase up to an additional 750,000 shares to cover over-allotments, if any. The offering is expected to close on February 6, 2008, subject to the satisfaction of customary closing conditions.

Credit Suisse Securities (USA) LLC is acting as the sole book-runner for the offering, with Thomas Weisel Partners LLC, Jefferies & Company, Inc. and Oppenheimer & Co. Inc. acting as co-managers.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities. A prospectus supplement relating to these securities will be filed with the Securities and Exchange Commission. This offering of shares of common stock may be made only by means of the prospectus supplement and accompanying prospectus.

Copies of the prospectus supplement and accompanying prospectus relating to the offering may be obtained from Credit Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue, New York, New York 10010-3629 (Telephone number 1-800-221-1037).

About Rigel (http://www.rigel.com)

We are a clinical-stage drug development company that discovers and develops novel, small-molecule drugs for the treatment of inflammatory/autoimmune diseases, cancer and viral diseases. Our goal is to file one new investigative new drug application in a significant indication each year. We have achieved this goal each year beginning in 2002.
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