Rigel reports net loss of $11.4 million for third quarter

By Lisa Kerner

Charlotte, N.C., Nov. 7 - Rigel Pharmaceuticals, Inc. reported a net loss of $11.4 million, or $0.46 per share, for third-quarter 2006, compared with a net loss of $12.9 million, or $0.56 per share, in the third quarter of 2005.

Revenue from collaborations rose to $6.1 million in the quarter from $3.3 million in the prior-year period. Rigel attributed the increase to a $3.0 million milestone payment from Serono.

Total operating expenses for the third quarter of 2006 were up slightly at $18.9 million from $17.1 million in the third quarter of 2005.

For the nine months ended Sept. 30, Rigel reported a net loss of $22.2 million, or $0.89 per share, and revenue from collaborations of $30.3 million.

As of Sept. 30, Rigel had cash, cash equivalents and available-for-sale securities totaling $115.0 million, compared with $122.2 million at June 30 and $138.2 million at Dec. 31, 2005.

Net cash used in the third quarter of 2006 was $7.2 million.

"We made significant progress in our clinical programs this quarter, in particular with our lead product candidate, R788, which in September started patient enrollment in a phase 2 study for evaluation in rheumatoid arthritis," chief executive officer James M. Gower said in a company news release.

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

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