Rigel Pharmaceuticals has net loss for the second-quarter of $2.3 million

By Lisa Kerner

Charlotte, N.C., Aug. 2 - Rigel Pharmaceuticals, Inc. said for the second quarter of 2006 it reported a net loss of $2.3 million, or $0.09 per share, up from a net loss of $12.3 million, or $0.62 per share, in the second quarter of 2005.

The company's revenue from collaborations for the period improved to $14.3 million from $4.6 million in the prior-year period. Rigel attributes the increase to the Pfizer milestone payment of $5.0 million.

For the six months ended June 30, Rigel reported a net loss of $10.8 million, or $0.43 per share, an improvement from the net loss of $23.5 million, or $1.18 per share, reported for the six months ended June 30, 2005.

The company recorded revenue from collaborations increased in the first half of 2006 to $24.2 million from $7.2 million for the first six months of 2005.

As of June 30, Rigel had cash, cash equivalents and available-for-sale securities of $122.2 million, compared with $128.4 million at March 31 and $138.2 million at Dec. 31, 2005.

Net cash used in the second quarter of 2006 was $6.2 million.

"This past quarter we achieved a significant milestone with Pfizer's selection of R343 for further development for allergic asthma," chairman and chief executive officer James M. Gower said in a company news release.

"We look forward to beginning two phase 2 clinical studies for our lead product candidate R788, one for rheumatoid arthritis and one for immune thrombocytopenic purpura, in the second half of 2006."

Rigel is a clinical-stage drug development company based in South San Francisco, Calif.

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