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Rigel Announces Second Quarter 2013 Financial Results
Date:8/6/2013

vesting period and a lower valuation as compared to options granted in the same period of 2012.

For the six months ended June 30, 2013, Rigel reported a net loss of $48.3 million, or $0.55 per basic and diluted share, compared to a net loss of $47.9 million, or $0.67 per basic and diluted share, for the same period of 2012.

As of June 30, 2013, Rigel had cash, cash equivalents and available for sale securities of $251.6 million, compared to $298.2 million as of December 31, 2012.  Rigel expects to end 2013 with cash and investments in excess of $200.0 million, which is expected to be sufficient to fund operations into 2015. 

"This quarter we expect to announce a decision about our future plans for fostamatanib as well as the results of our Phase 2 study with R343 in allergic asthma," said James M. Gower, chairman and chief executive officer of Rigel.  "We also expect to report Phase 2 data with R333 in discoid lupus later in the fall."

About Rigel (www.rigel.com)

Rigel Pharmaceuticals, 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 muscle disorders.  Rigel's pioneering research focuses on intracellular signaling pathways and related targets that are critical to disease mechanisms. The Company currently has six product candidates in clinical development: fostamatinib, an oral SYK inhibitor having shown efficacy in certain advanced clinical trials for immune disorders; R343, an inhaled SYK inhibitor for asthma, R333, a topical JAK/SYK inhibitor for discoid lupus, and R348, a topical JAK/SYK inhibitor for chronic dry eye – all in Phase 2 clinical trials; and two oncology product candidates in Phase 1 development with partners BerGenBio and Daiichi Sankyo.

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