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Rigel Announces Proposed Public Offering of Common Stock

SOUTH SAN FRANCISCO, Calif., May 25, 2011 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL), today announced that it intends to offer and sell shares of its common stock in an underwritten public offering.  All of the shares in the offering are to be sold by Rigel. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.  

Jefferies & Company, Inc. and J.P. Morgan Securities LLC are acting as joint book-running managers for the proposed offering, with Piper Jaffray & Co. acting as co-manager.

A shelf registration statement on Form S-3 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange Commission (the "SEC") and is effective.  A preliminary prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC's website at When available, copies of the preliminary prospectus supplement may also be obtained from the offices of Jefferies & Company, Inc., Equity Syndicate Prospectus Department, at 520 Madison Avenue, New York, NY 10022 (Telephone number 877-547-6340) or the offices of J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Telephone number 866-803-9204).

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Rigel Pharmaceuticals, Inc.

Rigel, Inc. is a clinical-stage drug development company that discovers and develops novel, small-molecule drugs for the treatment of inflammatory and autoimmune diseases, as well as for muscle disorders.

Forward-Looking Information is Subject to Risk and Uncertainty

Certain of the statements made in this press release are forward looking, such as those, among others, relating to Rigel's expectations regarding the completion of the proposed public offering. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include, without limitation, risks and uncertainties related to whether or not Rigel will be able to raise capital through the sale of shares of common stock, the final terms of the proposed offering, market and other conditions, the satisfaction of customary closing conditions related to the proposed public offering and the impact of general economic, industry or political conditions in the United States or internationally. There can be no assurance that Rigel will be able to complete the proposed public offering on the anticipated terms, or at all. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release.  Additional risks and uncertainties relating to the proposed offering, Rigel and its business can be found under the heading "Risk Factors" in Rigel's Quarterly Report on Form 10-Q filed with the SEC on May 3, 2011 and other filings with the SEC, and in the preliminary prospectus supplement related to the proposed offering to be filed with the SEC on or about the date hereof. Rigel expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.

Contact: Ryan Maynard
Phone: 650.624.1284

Media Contact: Susan C. Rogers, Alchemy Consulting, Inc.
Phone: 650.430.3777

SOURCE Rigel Pharmaceuticals, Inc.
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