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

sed compensation expense decreased from approximately $3.7 million in the second quarter of 2010 to approximately $3.2 million in the second quarter of 2011.

For the six months ended June 30, 2011, Rigel reported a net loss of $42.3 million, or $0.76 per basic and diluted share, compared to a net income of $4.7 million, or $0.09 per basic and diluted share, for the same period of 2010.

As of June 30, 2011, Rigel had cash, cash equivalents and available-for-sale securities of $279.1 million, compared to $177.3 million as of December 31, 2010.  In June 2011, Rigel completed a public offering in which it sold 18,745,000 shares of common stock at a public offering price of $8.00 per share pursuant to an effective registration statement. The aggregate net proceeds of the offering were approximately $140.5 million after deducting underwriting discounts and commissions and offering expenses. Rigel expects to end 2011 with more than $245.0 million in cash, cash equivalents and available-for-sale securities, which is expected to be sufficient to fund operations into 2014.

"The recent combination of reacquiring R343 and completing our successful financing has had a very positive impact on our pipeline and balance sheet," said James M. Gower, chairman and chief executive officer of Rigel. "We are focused on designing an appropriate Phase 2 clinical study program for R343 in asthma, while continuing to develop our clinical programs in transplant rejection and discoid lupus," he added.Fostamatinib UpdateAZ recently reported that their Phase 3 clinical development program (OSKIRA) to investigate fostamatinib as a treatment for rheumatoid arthritis is progressing well.  AZ expects the first set of data in the second half of 2012 and expects to remain on track to meet the planned US and European new drug application (NDA) filing dates in 2013.  AZ also announced that in the first quarter of 2011 they had commenced a Phase 2b clinical trial (OSK
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SOURCE Rigel Pharmaceuticals, Inc.
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