Rigel reports net loss shrinks to $8.5 million for first quarter

By Lisa Kerner

Erie, Pa., May 2 - Rigel Pharmaceuticals, Inc. said its first-quarter net loss shrank to $8.5 million, or $0.34 per share, from a net loss of $11.2 million, or $0.57 per share, in the first quarter of 2005.

Rigel reported revenue from collaborations of $9.9 million in the first quarter of 2006, compared with $2.6 million in the first quarter of 2005.

The company attributed the revenue increase to milestone payments and upfront license fees related to its collaboration with Serono and ongoing collaborations with Pfizer and Merck.

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

"R788, our lead product candidate addressing autoimmune diseases, continues to advance in the clinic and we anticipate beginning two separate clinical efficacy studies for rheumatoid arthritis and immune thrombocytopenic purpura in the second half of 2006," chairman and 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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