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Rigel Announces Fourth Quarter and Year End 2010 Financial Results
Date:3/1/2011

SOUTH SAN FRANCISCO, Calif., March 1, 2011 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today reported financial results for the fourth quarter and year ended December 31, 2010.

For the fourth quarter of 2010, Rigel reported a net loss of $17.2 million, or $0.33 per share, compared to a net loss of $25.1 million, or $0.48 per share, in the fourth quarter of 2009. Weighted average shares outstanding for the fourth quarter of 2010 and 2009 were 52.2 million and 51.8 million, respectively.

There was no contract revenue reported in the fourth quarter of 2010. Contract revenue in the fourth quarter of 2009 was $750,000, comprised of a milestone payment from Daiichi Sankyo for the designation of the first lead compound related to the ligase oncology collaboration.

Rigel reported total operating expenses of $19.7 million in the fourth quarter of 2010, compared to $25.9 million in the fourth quarter of 2009. The decrease in operating expenses was primarily due to the completion of the transfer of the fostamatinib open label extension study to AstraZeneca AB (AZ) in September 2010.

In the fourth quarter of 2010, Rigel reported other income of approximately $2.4 million related to the Therapeutic Discovery Tax Credit Program (Section 48D of the Internal Revenue Code).  Rigel received cash proceeds of $2.1 million in the fourth quarter of 2010 and will receive the remaining $0.3 million in 2011.

For the twelve months ended December 31, 2010, Rigel reported contract revenue of $125.0 million and net income of $37.9 million, or $0.73 and $0.72 per basic and diluted share, respectively, compared to contract revenue of $750,000 and a net loss of $111.5 million, or $2.73 per basic and diluted share, for the same period of 2009.  The increase in contract revenue was due mainly to the $100.0 million upfront payment received pursuant to the ex
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SOURCE Rigel Pharmaceuticals, Inc.
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