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Rigel Announces First Quarter 2008 Financial Results
Date:5/6/2008

of March 31, 2008, Rigel had cash, cash equivalents and available-for-sale securities of $209.7 million compared to $108.3 million at December 31, 2007. In February 2008, Rigel completed a public offering in which it sold 5,000,000 shares of common stock at a public offering price of $27 per share. The aggregate net proceeds of the offering were approximately $127.5 million after deducting underwriting discounts and commissions and offering expenses. Rigel expects to end 2008 with greater than $140.0 million in cash, cash equivalents and available-for-sale securities.

"We finished the first quarter of 2008 with a strong cash position that will be used to fuel our product development programs, including our two upcoming Phase 2b clinical trials of R788 in rheumatoid arthritis," said James M. Gower, chairman and chief executive officer of Rigel. "We expect to begin enrollment for both these clinical trials this quarter."

About Rigel (http://www.rigel.com)

Rigel is a clinical-stage drug development company that discovers and develops novel, small-molecule drugs for the treatment of inflammatory diseases and cancer, as well as viral and metabolic diseases. Our goal is to file one new investigational new drug (IND) application in a significant indication each year. Rigel has achieved this goal every year since 2002. Our pioneering research focuses on intracellular signaling pathways and related targets that are critical to disease mechanisms. Rigel's productivity has resulted in strategic collaborations with large pharmaceutical partners to develop and market our product candidates. Rigel has product development programs in inflammatory/autoimmune diseases such as rheumatoid arthritis, thrombocytopenia and asthma, as well as in cancer.

This press release contains "forward-looking" statements, including statements related to Rigel's anticipated cash, cash equivalents and available-for-sale secur
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SOURCE Rigel Pharmaceuticals, Inc.
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