Rigel Pharmaceuticals, Inc. (RIGL) Message Board

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Biotech / Medical : Rigel Pharmaceuticals, Inc. (RIGL)

RIGL 35.20

-2.6%

Nov 7 9:30 AM EST

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To: scaram(o)uche who started this subject	1/7/2003 7:40:42 AM
From: nigel bates	Read Replies (1) of 566

SOUTH SAN FRANCISCO, Calif., Jan. 7 /PRNewswire-FirstCall/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL - News) announced that it has received the first milestone payment from Daiichi Pharmaceuticals Co., Ltd, in conjunction with the companies' partnership to develop a new type of oncology drug. The two companies are collaborating on research related to protein degradation, an emerging strategy for treating cancer. The deal, which began last August, is one of the first industry collaborations focused on drug development in this field. In addition to its partnership with Daiichi, Rigel has its own broader, proprietary drug development program aimed at protein degradation. This effort is directed at a novel class of drug targets called ligases. Ligases are enzymes that regulate protein degradation, which in turn helps control cell division. This property makes ligases a potentially important target for new cancer therapies. Rigel's ligase research program has already uncovered a number of compounds that have been shown in laboratory studies to inhibit replication of tumor cells. Rigel expects to move the first of its own ligase drugs into clinical evaluation in 2004. "It now appears that ligases and related targets could hold as much potential for drug development as kinases did a decade ago," said James Gower, Rigel's chief executive officer. "We believe that our collaboration with Daiichi together with our internal development program puts Rigel at the forefront of commercial research into this important new class of drug target."

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