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Rigel Announces Fourth Quarter and Year End 2011 Financial Results
Date:3/6/2012

SOUTH SAN FRANCISCO, Calif., March 6, 2012 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today reported financial results for the fourth quarter and year ended December 31, 2011. For the fourth quarter of 2011, Rigel reported a net loss of $25.8 million, or $0.36 per share, compared to a net loss of $17.2 million, or $0.33 per share, in the fourth quarter of 2010. Weighted average shares outstanding for the fourth quarter of 2011 and 2010 were 71.2 million and 52.2 million, respectively.

Rigel reported total operating expenses of $25.9 million in the fourth quarter of 2011, compared to $19.7 million in the fourth quarter of 2010. The increase in operating expenses was primarily due to the increase in research and development expenses related to R343, its inhaled SYK inhibitor program for asthma, and R333, its topical JAK/SYK inhibitor program for discoid lupus.For the twelve months ended December 31, 2011, Rigel reported contract revenue from collaborations of approximately $4.8 million and net loss of $86.0 million, or $1.36 per basic and diluted share, compared to contract revenue of $125.0 million in 2010 and a net income of $37.9 million, or $0.73 and $0.72 per basic and diluted share, respectively.  The decrease in contract revenue from collaborations in 2011 was mainly due to the $100.0 million upfront payment received in 2010 pursuant to the exclusive worldwide license agreement with AstraZeneca AB (AZ) for fostamatinib, as well as $25.0 million in revenues earned from AZ in 2010 for the initiation of the Phase 3 clinical trial program with fostamatinib in patients with rheumatoid arthritis (RA) and the completion of the transfer of the fostamatinib open label extension study to AZ.

As of December 31, 2011, Rigel had cash, cash equivalents and available for sale securities of $247.6 million, compared to $177.3 million as of December 31, 2
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SOURCE Rigel Pharmaceuticals, Inc.
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