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Rigel Announces Third Quarter 2007 Financial Results
Date:11/6/2007

SOUTH SAN FRANCISCO, Calif., Nov. 6 /PRNewswire-FirstCall/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today announced financial results for the third quarter and nine months ended September 30, 2007.

For the third quarter of 2007, Rigel reported a net loss of $18.9 million, or $0.61 per share, compared to a net loss of $11.4 million, or $0.46 per share, in the third quarter of 2006. Weighted average shares outstanding for the third quarters of 2007 and 2006 were 31.0 million and 25.0 million, respectively.

There were no contract revenues from collaborations reported in the third quarter of 2007, compared to $6.1 million reported in the third quarter of 2006, which included a $3.0 million milestone payment from Merck Serono for the initiation of the first of three Phase 1 studies with R763.

Total operating expenses were $20.4 million in the third quarter of 2007, compared to operating expenses of $18.9 million during the same period in 2006. The increase was primarily due to increases in research and development expenditures made in support of our ongoing preclinical and clinical programs. Non-cash stock-based compensation represented $2.8 million of total operating expenses in the third quarter of 2007, compared to $3.5 million in the third quarter of 2006.

For the nine months ended September 30, 2007, Rigel reported a net loss of $55.3 million, or $1.96 per share, compared to a net loss of $22.2 million, or $0.89 per share, for the same period last year. Rigel recorded contract revenues from collaborations of $4.6 million for the first nine months of 2007, compared with $30.3 million for the first nine months of 2006. The decrease was primarily due to the receipt and recognition of various
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SOURCE Rigel Pharmaceuticals, Inc.
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