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
|SOURCE Rigel Pharmaceuticals, Inc.|
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