Rigel Announces First Quarter 2014 Financial Results

             Rigel Announces First Quarter 2014 Financial Results

PR Newswire

SOUTH SAN FRANCISCO, Calif., May 7, 2014

SOUTH SAN FRANCISCO, Calif., May 7, 2014 /PRNewswire/ --Rigel
Pharmaceuticals,Inc. (Nasdaq:RIGL) today reported financial results for the
first quarter ended March 31, 2014.

For the first quarter of 2014, Rigel reported a net loss of $22.3 million, or
$0.25 per share, compared to a net loss of $25.6 million, or $0.29 per share,
in the first quarter of 2013. Weighted average shares outstanding for the
first quarters of 2014 and 2013 were 87.5 million and 87.1 million,
respectively.

Rigel reported total operating expenses of $22.4 million in the first quarter
of 2014, compared to $25.7 million in the first quarter of 2013. The decrease
in operating expenses was primarily due to the completion of a Phase 2
clinical study of R343 in asthma inAugust 2013, a decrease in costs of
laboratory supplies for research and development due to a work force reduction
in September 2013, and the completion of a Phase 2 clinical study with R333 in
discoid lupus inOctober 2013, partially offset by an increase in research and
development costs related to fostamatinib in immune thrombocytopenic purpura
(ITP) and an increase in stock-based compensation expense.

As of March 31, 2014, Rigel had cash, cash equivalents and available for sale
securities of $195.4 million, compared to $212.0 million as of December 31,
2013. Rigel expects to end 2014 with cash, cash equivalents and available
for sale securities in excess of$132.0 million, which it expects to be
sufficient to fund operations into the second quarter of 2016.

"We are focused on initiating the first of two Phase 3 studies of fostamatinib
in patients with ITP, which we expect to start this quarter." said James M.
Gower, chairman and chief executive officer of Rigel Pharmaceuticals. "We also
expect to get top-line results from our Phase 2 study of R348 in dry eye
disease in the third quarter of this year."

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. Rigel currently has five
product candidates in development: fostamatinib, an oral SYK inhibitor
expected to enter Phase 3 clinical trials for ITP in the second quarter of
2014 and a Phase 2 clinical trial for IgA nephropathy in the second half of
2014; R348, a topical JAK/SYK inhibitor currently in Phase 2 clinical trials
for dry eye; R118, an AMPK activator in Phase 1 development; and two oncology
product candidates in Phase 1 development with partners BerGenBio andDaiichi
Sankyo.

This press release contains "forward-looking" statements, including, without
limitation, statements related to development plans, the timing of planned
clinical trials and results and our expected cash balances and sufficiency of
our cash resources. Any statements contained in this press release that are
not statements of historical fact may be deemed to be forward-looking
statements. Words such as "planned," "will," "may," "expect," and similar
expressions are intended to identify these forward-looking statements. These
forward-looking statements are based on Rigel's current expectations and
inherently involve significant risks and uncertainties. Actual results and the
timing of events could differ materially from those anticipated in such
forward looking statements as a result of these risks and uncertainties, which
include, without limitation, the availability of resources to develop Rigel's
product candidates, Rigel's need for additional capital in the future to
sufficiently fund Rigel's operations and research, the uncertain timing of
completion of and the success of clinical trials, market competition, risks
associated with and Rigel's dependence on Rigel's corporate partnerships, as
well as other risks detailed from time to time in Rigel's reports filed with
theSecurities and Exchange Commission, including its Annual Report on
Form10-K for theyear endedDecember 31, 2013. Rigel does not undertake any
obligation to update forward-looking statements and expressly disclaims any
obligation or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein.

Contact: Ryan D. Maynard
Phone: 650.624.1284
Email: invrel@rigel.com

Media Contact: Susan C. Rogers, Alchemy Consulting, Inc.
Phone: 650.430.3777
Email: susan@alchemyemail.com



STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
                                           Three Months Ended March 31,
                                           2014               2013
                                           (unaudited)
Revenues:
        Contract revenues                  $        - $       
                                                               -
Operating expenses:
        Research and development (see Note 16,869             20,315
        A)
        General and administrative (see    5,516              5,395
        Note A)
         Total operating expenses      22,385             25,710
Loss from operations                       (22,385)           (25,710)
Interest income, net                       82                 136
Net loss                                   $    (22,303)   $    
                                                              (25,574)
Net loss per share, basic and diluted      $      (0.25) $      
                                                              (0.29)
Weighted-average shares used in computing  87,526             87,141
net loss per share, basic and diluted
Note A
Stock-based compensation expense included
in:
        Research and development           $     1,314   $     
                                                              1,023
        General and administrative         1,050              770
                                           $     2,364   $     
                                                              1,793
        SUMMARY BALANCE SHEET DATA
        (in thousands)
                                           March 31,          December 31,
                                           2014               2013^(1)
                                           (unaudited)
        Cash, cash equivalents and         $   195,384     $   211,975
        available for sale securities
        Total assets                       203,290            226,058
        Stockholders' equity               188,327            208,251
(1)     Derived from audited financial
        statements







SOURCE Rigel Pharmaceuticals, Inc.

Website: http://www.rigel.com
 
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