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Rigel Announces Third Quarter 2011 Financial Results
Date:11/1/2011

SOUTH SAN FRANCISCO, Calif., Nov. 1, 2011 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today reported financial results for the third quarter and nine months ended September 30, 2011.

For the third quarter of 2011, Rigel reported a net loss of $17.9 million, or $0.25 per basic and diluted share, compared to a net income of $50.4 million, or $0.97 and $0.96 per basic and diluted share, respectively, in the same period of 2010. Basic weighted average shares outstanding for the third quarters of 2011 and 2010 were 71.2 million and 52.1 million, respectively. Diluted weighted average shares outstanding for the third quarters of 2011 and 2010 were 71.2 million and 52.8 million, respectively.

Contract revenue for the third quarter of 2011 was $4.4 million, which included a payment of $4.3 million received in the quarter from Merck Serono S.A. and the remaining $0.1 million related to the upfront payment Rigel received for out-licensing its oncology program in June 2011. The collaboration agreement between Rigel and Merck Serono was terminated in 2010 and the program has been returned in full to Rigel. Rigel does not expect to record any further revenue from Merck Serono pursuant to the terminated collaboration agreement. Contract revenue in the third quarter of 2010 was $72.3 million from AstraZeneca AB (AZ), which included amortization of the upfront payment for the exclusive worldwide license agreement for fostamatinib, as well as revenue Rigel earned under that agreement for the initiation of the Phase 3 clinical trial program for fostamatinib and the transfer of the fostamatinib open label extension study to AZ.

Rigel reported total operating expenses of $22.4 million in the third quarter of 2011, compared to $21.9 million in the same period of 2010. The slight increase in operating expenses was primarily due t
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SOURCE Rigel Pharmaceuticals, Inc.
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