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

igel's need for additional capital, as well as other risks detailed from time to time in Rigel's SEC reports, including its Form 10-Q for the quarter ended June 30, 2008. Rigel does not undertake any obligation to update forward-looking statements.

Contact: Ryan D. Maynard

Phone: 650.624.1284

Email: invrel@rigel.com

STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

Three Months Ended Nine Months Ended

September 30, September 30,

2008 2007 2008 2007

(unaudited) (unaudited)

Revenues:

Contract revenues $- $- $- $4,600

Operating expenses:

Research and development

(see Note A) 31,232 15,372 81,268 48,404

General and administrative

(see Note A) 7,450 5,054 21,436 15,466

Total operating expenses 38,682 20,426 102,704 63,870

Loss from operations (38,682) (20,426) (102,704) (59,270)

Interest income, net 991 1,482 3,722 4,000

Net loss $(37,691) $(18,944) $(98,982) $(55,270)

Net loss per share, basic and

diluted $(1.03) $(0.61) $(2.76) $(1.96)

Weighted average shares used in

computing net loss per share,

basic and diluted 36,581 31,030 35,837 28,211

Note A

Stock-based compensation expense

included in:

Research and development $3,035 $1,294 9,229 4,212

General and administrative 3,001 1,500 8,572 4,9
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SOURCE Rigel Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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