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

ities at the end of 2008 and plans to pursue clinical trials of product candidates. 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 "plans," "expects," and similar expressions are intended to identify these forward-looking statements. 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 risks associated with the timing and success of clinical trials and the commercialization of product candidates, as well as other risks detailed from time to time in Rigel's SEC reports, including its Annual Report on Form 10-k for the fiscal year ended December 31, 2007. Rigel does not undertake any obligation to update forward-looking statements.

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.com

STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

Three Months Ended March 31,

2008 2007

(unaudited)

Revenues:

Contract revenues $- $2,644

Operating expenses:

Research and development (see Note A) 21,620 15,843

General and administrative (see Note A) 7,125 5,039

Total operating expenses 28,745 20,882

Loss from operations (28,745) (18,238)

Interest income, net
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SOURCE Rigel Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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