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Rigel Announces Second Quarter 2009 Financial Results
Date:8/4/2009

SOUTH SAN FRANCISCO, Calif., Aug. 4 /PRNewswire-FirstCall/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today reported financial results for the second quarter and six months ended June 30, 2009.

For the second quarter of 2009, Rigel reported a net loss of $29.9 million, or $0.81 per share, compared to a net loss of $34.0 million, or $0.93 per share, in the second quarter of 2008. Weighted average shares outstanding for the second quarters of 2009 and 2008 were 36.7 million and 36.5 million, respectively.

Rigel reported total operating expenses of $30.0 million in the second quarter of 2009, compared to $35.3 million in the second quarter of 2008. The decrease in operating expenses was primarily due to decreases in stock-based compensation expense and cost savings as a result of the restructuring implemented in the first quarter of 2009. Stock-based compensation expenses decreased from $5.9 million in the second quarter of 2008 to $3.9 million in the second quarter of 2009, primarily due to a higher valuation of options granted in the first quarter of 2008 and the full expense recognition of the majority of those options by the end of 2008.

For the six months ended June 30, 2009, Rigel reported a net loss of $59.8 million, or $1.63 per share, compared to a net loss in the first six months of 2008 of $61.3 million, or $1.73 per share.

As of June 30, 2009, Rigel had cash, cash equivalents and available for sale securities of $79.9 million compared to $134.5 million as of December 31, 2008. The Company believes that its existing capital resources are sufficient to maintain its current development priorities through at least the end of the second quarter of 2010.

"With the results from our Phase 2b clinical trials for R788 now in hand,
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SOURCE Rigel Pharmaceuticals, Inc.
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