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Rigel Announces First Quarter Financial Results
Date:5/3/2011

SOUTH SAN FRANCISCO, Calif., May 3, 2011 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today reported financial results for the first quarter ended March 31, 2011.

For the first quarter of 2011, Rigel reported a net loss of $20.8 million, or $0.40 per share, compared to a net loss of $22.3 million, or $0.43 per share, in the first quarter of 2010. Weighted average shares outstanding for the first quarter of 2011 and 2010 were 52.3 million and 52.0 million, respectively.

There was no contract revenue reported in the first quarter of 2011. Contract revenue in the first quarter of 2010 was $3.3 million from the initial amortization of the $100.0 million upfront payment in connection with the exclusive worldwide license agreement with AstraZeneca AB (AZ) for fostamatinib.

Rigel reported total operating expenses of $20.9 million in the first quarter of 2011, compared to $25.6 million in the first quarter of 2010. The decrease in operating expenses was primarily due to a decrease in clinical development expenses, certain one-time investment banking fees associated with the closing of our transaction with AZ in 2010, and a decrease in stock-based compensation expense. The decrease in clinical development expenses was primarily due to the completion of the transfer of the fostamatinib open label extension study to AZ in September 2010. Stock-based compensation expense decreased from approximately $5.2 million in the first quarter of 2010 to approximately $3.8 million in the first quarter of 2011.

As of March 31, 2011, Rigel had cash, cash equivalents and available for sale securities of $155.5 million, compared to $177.3 million as of December 31, 2010.  Rigel expects to end 2011 with over $105.0 million in cash, cash equivalents and available for sale securities, which is expected to be sufficient to fund operations into 2013.

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SOURCE Rigel Pharmaceuticals, Inc.
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