This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Rigel To Focus On ITP, DLE And Dry Eye

SOUTH SAN FRANCISCO, Calif., Sept. 5, 2013 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today announced its plans to focus the Company's resources on the completion of three lead clinical programs. These efforts include commencing a Phase 3 clinical study of fostamatinib, an oral SYK inhibitor, in Immune Thrombocytopenic Purpura (ITP) pending discussions with regulatory agencies. Rigel believes that a Phase 3 clinical program would encompass approximately 150 patients and can be completed in 2015. Rigel's other two lead programs, R333, a topical dermatological JAK/SYK inhibitor for discoid lupus erythematosus, and R348, a topical ophthalmic JAK/SYK inhibitor for dry eye, are presently in Phase 2 studies, with results expected in Q4 2013 and Q2 2014, respectively.  Rigel expects to advance one of these two molecules into a Phase 3 clinical program by 2014/15. The Company will not continue further development of fostamatinib for the treatment of rheumatoid arthritis or lymphoma due to insufficient efficacy findings from recent clinical trials and the competitive landscape for the agent in those indications.

"Strategically, we have made a decision to concentrate our resources on the programs that we believe hold the greatest potential for a near term path to market," said James M. Gower, chairman and chief executive officer of Rigel.  "The size and scope of these clinical programs are such that we can fund and manage them in-house, thereby maintaining control and flexibility over their development." 

As a consequence of prioritizing projects and looking to conserve the Company's cash resources, Rigel also announced that it has reduced its workforce by 18%, resulting in the elimination of 30 positions, mostly from the drug discovery area.  The Company is still assessing the restructuring and other charges associated with this measure, which are expected to be recorded predominantly in the third quarter of 2013.  As of June 30, 2013, the company had $251 million in cash and equivalents, which Rigel believes is enough to maintain its current development priorities into 2016.

Rigel remains committed to its mission to identify and develop novel small molecule therapeutics and will maintain active programs including:  R118, an oral AMPK activator being developed as a potential treatment for intermittent claudication (peripheral artery disease).

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs