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Rigel Announces Second Quarter 2011 Financial Results
Date:8/2/2011

SOUTH SAN FRANCISCO, Calif., Aug. 2, 2011 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today reported financial results for the second quarter and six months ended June 30, 2011.

For the second quarter of 2011, Rigel reported a net loss of $21.5 million, or $0.37 per basic and diluted share, compared to a net income of $27.0 million, or $0.52 and $0.51 per basic and diluted share, respectively, in the same period of 2010. Basic weighted average shares outstanding for the second quarters of 2011 and 2010 were 58.3 million and 52.0 million, respectively. Diluted weighted average shares outstanding for the second quarters of 2011 and 2010 were 58.3 million and 52.5 million, respectively.

Contract revenue for the second quarter of 2011 was $395,000, which comprises a portion of the $500,000 upfront payment Rigel received for the out-licensing of an oncology program to a new collaboration partner in June 2011. Rigel expects to recognize the remaining $105,000 in the third quarter of 2011, once the remaining deliverable under the collaboration agreement has been completed.  Contract revenue in the second quarter of 2010 was $49.5 million related to the amortization of a $100.0 million upfront payment from AstraZeneca AB (AZ) pursuant to an exclusive worldwide license agreement for fostamatinib.

Rigel reported total operating expenses of $22.0 million in the second quarter of 2011, compared to $22.5 million in the same period of 2010. The slight decrease in operating expenses was primarily due to the completion of the transfer of the fostamatinib open label extension study to AZ in September 2010, as well as a decrease in stock-based compensation expense, partially offset by an increase in research and development expenses related to Rigel's oral JAK3 inhibitor program that is expected to begin clinical studies by the end of 2011. Stock-ba
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SOURCE Rigel Pharmaceuticals, Inc.
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