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

o the increase in research and development expenses related to Rigel's R343 program for asthma and its topical JAK3 inhibitor program for discoid lupus, partially offset by the completion of the transfer of the fostamatinib open label extension study to AZ in September 2010, and by a decrease in preclinical expenses for the oral JAK3 inhibitor program for transplant rejection.

For the nine months ended September 30, 2011, Rigel reported a net loss of $60.2 million, or $0.99 per basic and diluted share, compared to a net income of $55.1 million, or $1.06 and $1.05 per basic and diluted share, respectively, for the same period of 2010.

As of September 30, 2011, Rigel had cash, cash equivalents and available-for-sale securities of $265.7 million, compared to $177.3 million as of December 31, 2010. Rigel expects to end 2011 with more than $245.0 million in cash, cash equivalents and available-for-sale securities, which Rigel expects to be sufficient to fund operations into 2014.

"As outlined at our recent investor/analyst day, we expect to initiate two separate Phase 1 clinical trials this year with our oral and topical JAK3 compounds.  We anticipate following those trials in mid-2012 with the launch of a Phase 2 study in asthma with our inhaled syk inhibitor, R343," said James M. Gower, chairman and chief executive officer of Rigel.

(Note: Visit www.rigel.com to replay Rigel's October 13, 2011 investor/analyst day webcast presentation on R343 in asthma and its pipeline programs.)

About Rigel (www.rigel.com)

Rigel 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 target
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SOURCE Rigel Pharmaceuticals, Inc.
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