Rigel Announces Third Quarter 2007 Financi... (milestone and upfront payments from Merc...)

Rigel Announces Third Quarter 2007 Financial Results

Date:11/6/2007

milestone and upfront payments from Merck Serono and Pfizer during the first nine months of 2006.

As of September 30, 2007, Rigel had cash, cash equivalents and available for sale securities of $112.5 million, compared with $126.5 million at June 30, 2007 and $104.5 million at December 31, 2006.

"Rigel's continued commitment to support a robust product pipeline has brought us to this point in the company's history where we expect to announce the results of two Phase 2 clinical trials with our lead drug candidate, R788, by the end of this year," said James M. Gower, Rigel's chairman and chief executive officer.

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/autoimmune diseases and cancer, as well as viral and metabolic diseases. Our goal is to file one new investigational new drug 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 seven 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 the timing of results of Rigel's clinical development 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," "intends," "indicates," "promising," "expects," "anticipates" and similar expressions are intended to identify these forward-looking sta
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SOURCE Rigel Pharmaceuticals, Inc.
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Rigel Announces Third Quarter 2007 Financi...(milestone and upfront payments from Merc...),Health