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Rigel Announces Third Quarter 2012 Financial Results
Date:11/6/2012

SOUTH SAN FRANCISCO, Calif., Nov. 6, 2012 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today reported financial results for the three and nine months ended September 30, 2012.

For the third quarter of 2012, Rigel reported a net loss of $25.5 million, or $0.36 per share, compared to a net loss of $17.9 million, or $0.25 per share, in the same period of 2011. Weighted average shares outstanding for the third quarters of 2012 and 2011 were 71.6 million and 71.2 million, respectively.

There were no contract revenues from collaborations in the third quarter of 2012. Contract revenues from collaborations in the third quarter of 2011 were $4.4 million, which consisted of a $4.3 million payment from Merck Serono S.A.

Rigel reported total operating expenses of $25.6 million in the third quarter of 2012, compared to $22.4 million for the same period in 2011. The increase in operating expenses was primarily due to increased costs related to the clinical trials of R343, Rigel's inhaled SYK inhibitor program for asthma; R548, Rigel's oral JAK3 inhibitor program for transplant rejection; and R333, Rigel's topical JAK/SYK inhibitor program for discoid lupus.

For the nine months ended September 30, 2012, Rigel reported a net loss of $73.4 million, or $1.03 per basic and diluted share, compared to a net loss of $60.2 million, or $0.99 per basic and diluted share, for the same period of 2011.

As of September 30, 2012, Rigel had cash, cash equivalents and available for sale securities of $183.9 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
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SOURCE Rigel Pharmaceuticals, Inc.
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