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Rigel Announces Fourth Quarter and Year End 2012 Financial Results
Date:3/5/2013

SOUTH SAN FRANCISCO, Calif., March 5, 2013 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today reported financial results for the fourth quarter and year ended December 31, 2012.

For the fourth quarter of 2012, Rigel reported a net loss of $25.5 million, or $0.30 per share, compared to a net loss of $25.8 million, or $0.36 per share, in the fourth quarter of 2011. Weighted average shares outstanding for the fourth quarter of 2012 and 2011 were 85.3 million and 71.2 million, respectively.

Rigel reported total operating expenses of $25.6 million in the fourth quarter of 2012, which were flat compared to $25.9 million in the fourth quarter of 2011.

For the twelve months ended December 31, 2012, Rigel reported contract revenue of $2.3 million and a net loss of $98.8 million, or $1.32 per basic and diluted share, compared to contract revenue of $4.8 million and a net loss of $86.0 million, or $1.36 per basic and diluted share, in 2011.  Contract revenue of $2.3 million in 2012 primarily consisted of a $1.0 million upfront payment from AstraZeneca AB (AZ) to license R256, Rigel's inhaled JAK inhibitor for moderate to severe chronic asthma, and a payment of $0.8 million from Daiichi Sankyo related to an oncology compound.  Contract revenue of $4.8 million in 2011 included a $4.3 million payment from Merck Serono S.A.

As of December 31, 2012, Rigel had cash, cash equivalents and available for sale securities of $298.2 million, compared to $247.6 million as of December 31, 2011.  In October 2012, Rigel completed an underwritten public offering in which it sold an aggregate of 15,237,750 shares of common stock pursuant to an effective registration statement at a price to the public of $9.50 per share. Rigel received net proceeds of approximately $135.7 million a
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SOURCE Rigel Pharmaceuticals, Inc.
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