Rigel to sell 3 million shares

New York, July 11 - Rigel Pharmaceuticals, Inc. said it plans to sell three million shares of common stock under its shelf registration.

Credit Suisse First Boston and Lehman Brothers Inc. will be joint bookrunners for the transaction.

There will be a 450,000 share over-allotment option available.

The South San Francisco-based pharmaceutical company will use estimated net proceeds of $58.09 million - or $66.86 million if the greenshoe is exercised in full - for research and development and general corporate purposes. Rigel may also use some of the proceeds to acquire or invest in businesses, products and technologies that are complementary to its own, although we it added that it is not planning or negotiating any transactions.

Rigel is concentrating on using small-molecule drugs to meet large, unmet medical needs. It has three product development programs, covering allergies and asthma, rheumatoid arthritis and cancer.

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