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Rigel Announces Pricing of Public Offering of Common Stock

Friday, February 1, 2008 General News
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SOUTH SAN FRANCISCO, Calif., Jan. 31 RigelPharmaceuticals, Inc. (Nasdaq: RIGL) today announced the pricing of its publicoffering of 5,000,000 shares of common stock at a price of $27.00 per share.All of the shares are being offered by Rigel. The underwriters have an optionto purchase up to an additional 750,000 shares to cover over-allotments, ifany. The offering is expected to close on February 6, 2008, subject to thesatisfaction of customary closing conditions.
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Credit Suisse Securities (USA) LLC is acting as the sole book-runner forthe offering, with Thomas Weisel Partners LLC, Jefferies & Company, Inc. andOppenheimer & Co. Inc. acting as co-managers.
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This press release does not constitute an offer to sell or thesolicitation of an offer to buy any of the securities. A prospectus supplementrelating to these securities will be filed with the Securities and ExchangeCommission. This offering of shares of common stock may be made only by meansof the prospectus supplement and accompanying prospectus.

Copies of the prospectus supplement and accompanying prospectus relatingto the offering may be obtained from Credit Suisse Securities (USA) LLC,Prospectus Department, One Madison Avenue, New York, New York 10010-3629(Telephone number 1-800-221-1037).

About Rigel (http://www.rigel.com)

We are a clinical-stage drug development company that discovers anddevelops novel, small-molecule drugs for the treatment ofinflammatory/autoimmune diseases, cancer and viral diseases. Our goal is tofile one new investigative new drug application in a significant indicationeach year. We have achieved this goal each year beginning in 2002. Ourpioneering research focuses on intracellular signaling pathways and relatedtargets that are critical to disease mechanisms. Our productivity has resultedin strategic collaborations with large pharmaceutical partners to develop andmarket our product candidates. We have internal product development programsin inflammatory/autoimmune diseases, such as rheumatoid arthritis andthrombocytopenia, and cancer, as well as partnered product developmentprograms relating to asthma and cancer.

This press release contains "forward-looking" statements, includingstatements related to Rigel's plans to complete a public offering and itsstrategy to further develop a portfolio of product candidates. Any statementscontained in this press release that are not statements of historical fact maybe deemed to be forward-looking statements. Words such as "plans," "intends,""promising," "expects," "anticipates" and similar expressions are intended toidentify these forward-looking statements. There are a number of importantfactors that could cause Rigel's results to differ materially from thoseindicated by these forward-looking statements, including risks associated withthe timing and success of preclinical and clinical trials, as well as otherrisks detailed from time to time in Rigel's SEC reports, including itsQuarterly Report on Form 10-Q for the quarter ended September 30, 2007. Rigeldoes not undertake any obligation to update forward-looking statements.Contact: Ryan Maynard Phone: 650.624.1284 Email: [email protected] Media Contact: Susan C. Rogers, Alchemy Consulting, Inc. Phone: 650.430.3777 Email: [email protected]

SOURCE Rigel Pharmaceuticals, Inc.
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