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Rigel Announces Third Quarter 2008 Financial Results and Clinical Update
Date:11/3/2008

ptember 30, 2008, Rigel had cash, cash equivalents and available for sale securities of $160.4 million, compared to $185.0 million as of June 30, 2008 and $108.3 million as of December 31, 2007. In February 2008, Rigel completed a public offering raising aggregate net proceeds of approximately $127.5 million.

"Data from our Phase 2a clinical trial of R788 in rheumatoid arthritis was recently presented by the principal investigator at the plenary session of the American College of Rheumatology," said James M. Gower, chairman and chief executive officer of Rigel. "We continue to be very pleased with the safety profile of R788 and expect to release data on the Phase 2b clinical trials in the second half of 2009," he added.

Clinical Update

R788

Rigel expects that R788 for rheumatoid arthritis will continue to be the primary clinical focus for Rigel. Two Phase 2b clinical trials are ongoing in rheumatoid arthritis, TASKi2 and TASKi3. Rigel expects TASKi2 to complete enrollment by the first quarter of 2009 and to have initial results by late summer 2009. Rigel also anticipates that initial results on TASKi3 will be available by late summer 2009.

Rigel expects to initiate a Phase 2 clinical trial for T-cell lymphoma within the next several months. The ongoing Phase 2 lymphoma clinical trial is continuing and is focused on diffuse large B-cell, follicular and other B- cell lymphomas, including chronic lymphocytic leukaemia and small lymphocytic lymphoma (CLL/SLL). Rigel plans to present further results from this ongoing clinical trial at the American Society of Hematology (ASH) meeting in December 2008.

The exploratory Phase 2a clinical trial in immune thrombocytopenic purpura (ITP) is ongoing and we expect the results to be published in the next couple of months. Rigel has deferred initiating any further trials in ITP until a collaboration partner for R788 is in place.

Likewise, Rigel has deferred initiating a clinical trial
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SOURCE Rigel Pharmaceuticals, Inc.
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