Rigel Pharmaceuticals, Inc. (RIGL) Message Board

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

RIGL 30.65

-2.9%

Nov 3 9:30 AM EST

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From: mopgcw	2/28/2009 2:07:35 PM
	of 566

citi: Rigel Pharmaceuticals Inc (RIGL) Estimate change Y Non-eventful 4Q08 - Reserving Cash until 2010 24 February 2009 - 8 pages * Financial Results - RIGL reported non-eventful 4Q08 financial results. Revenues for the 4Q were $0.0M, same as our and Street consensus estimate of $0.0M. EPS came at ($0.91) compared to our and consensus estimates of ($1.04) and ($0.98), respectively. Variance was due to lower R&D and SG&A costs, attributed to reversal of bonus expenses. * Update on TASKi trials - Data from TASKi 2 & 3 are expected in July and August 2009, respectively. * Reserving Cash - As of December 31, 2008, RIGL had cash and cash equivalents of $134.5M, which the company expects to be sufficient to support operations until 2Q10. * Changes to the Model - We are maintaining our 2009-10 revenue and operating expense estimates. However, our YE EPS estimate for 2009 goes to ($2.76) from ($2.73) due to adjustment of reported shares outstanding. * Conclusions - We maintain our Buy rating and believe the major catalyst and value-creating event for RIGL is a potential partnership agreement after release of data from TASKi trials.

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