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

clusive worldwide license agreement with AZ for fostamatinib, that was fully recognized as revenue in 2010, as well as $25.0 million in milestone payments earned from AZ for the initiation of the phase 3 clinical trial program with fostamatinib in patients with RA and the completion of the transfer of the fostamatinib open label extension study to AZ.

As of December 31, 2010, Rigel had cash, cash equivalents and available for sale securities of $177.3 million, compared to $133.3 million as of December 31, 2009.  Rigel expects to end 2011 with approximately $105.0 million in cash, cash equivalents and available for sale securities, which is expected to be sufficient to fund operations into 2013.

"2010 was a significant growth year for Rigel due to our successful collaboration with AstraZeneca and their launch of the OKSIRA global phase 3 clinical trial program with fostamatinib," said James M. Gower, chairman and chief executive officer of Rigel. "We are now concentrating on furthering the development of our next clinical projects, that include a novel oral JAK3 inhibitor intended for the treatment of transplant rejection and a different JAK3 inhibitor in an ophthalmic formulation intended for the treatment of Sjogren's autoimmune-related dry eye," he added. "We expect both of these programs to enter phase 1 clinical studies in late 2011."

Pipeline/Program Update

As of March 2011, Rigel has seven programs in its development pipeline that are in varying stages of clinical or preclinical studies.  The two most advanced programs are licensed to pharmaceutical partners: AZ has initiated the OSKIRA phase 3 clinical trial program with fostamatinib in patients with RA; and R343 (an inhaled syk inhibitor for chronic asthma) is currently in phase 1 with Pfizer. AZ has announced that they are on target to file a new drug application with the U.S. Food and Drug Administration in 2013 for fostamatinib in RA. Pfizer has informed Rigel that i
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SOURCE Rigel Pharmaceuticals, Inc.
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