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

s are based upon Rigel's current expectations and involve risks and uncertainties. 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, without limitation, risks associated with Rigel's need for additional capital, the timing and success of preclinical studies and clinical trials and the potential problems that may arise in the research and development and approval process, 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 year ended December 31, 2010. Rigel does not undertake any obligation to update forward-looking statements and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein.

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.comSTATEMENTS OF OPERATIONS(in thousands, except per share amounts)Three Months Ended March 31,20112010(unaudited)Revenues:Contract revenues

$
-

$
3,261Operating expenses:Research and development (see Note A)

15,106

17,425General and administrative (see Note A)

5,754

8,186Total operating expenses

20,860

25,611Loss from operations

(20,860)

(22,350)Interest income, net

79

17Net loss

$
(20,781)

$
(22,333)Net loss per share, basic and diluted

$
(0.40)

$
(0.43)Weighted-average shares used in computing net loss per share, basic and diluted

52,275

51,964Note AStock-based compensation expense included in:Research and development

$
2,513

$
3,083General and administrative

1,32
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SOURCE Rigel Pharmaceuticals, Inc.
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All rights reserved

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