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

rug application with respect to fostamatinib. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as "may," "intend," "believe," "plan." "expect," "potential," and similar expressions are intended to identify these forward-looking statements. These forward-looking statements are based upon Rigel's current expectations and involve risks and uncertainties. There are a number of important factors that could cause Rigel's results to differ materially from those indicated by these forward-looking statements, including, without limitation, risks associated with Rigel's need for additional capital, the timing and success of preclinical studies and clinical trials and the potential problems that may arise in the research and development and approval process, as well as other risks detailed from time to time in Rigel's reports with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended March 31, 2011. Rigel does not undertake any obligation to update forward-looking statements and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein.

Contact: Ryan D. Maynard
Phone: 650.624.1284
Email: invrel@rigel.com

Media Contact: Susan C. Rogers, Alchemy Consulting, Inc.
Phone: 650.430.3777
Email: susan@alchemyemail.comSTATEMENTS OF OPERATIONS(in thousands, except per share amounts)Three Months Ended June 30,Six Months Ended June 30,2011201020112010(unaudited)Revenues:Contract revenues

$
395

$
49,457$
395

$ 52,718Operating expenses:Research and development (see Note A)

17,109

16,81532,215

34,240General and administrative (see Note A)

4,843

5,66410,597

13,850Total operat
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SOURCE Rigel Pharmaceuticals, Inc.
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