Rigel Pharmaceuticals, Inc. (RIGL) Message Board

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

RIGL 30.70

-2.8%

9:30 AM EST

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From: mopgcw	9/18/2009 4:33:29 PM
	of 566

Rigel Pharmaceuticals Inc. (RIGL) said Thursday it will sell at least 13 million shares, more than double the minimum set a day earlier, as it priced the deal at a 5.4% discount to Wednesday's closing price. The drug developer said Wednesday it planned to sell six million shares but didn't say how it would use the proceeds. In early August, it reported its cash and cash-equivalent level had dropped to $79.9 million as of June 30, from $134.5 million on Dec. 31. The offering was priced at $7.25 per share, and shares were recently down 2.6% at $7.47. Rigel has about 37 million shares outstanding. Companies have become eager to issue stock as investors reassured by improved economic outlooks boost to the market. But Rigel's stock is down 69% the past year, while it is down 7% in 2009. Earlier this summer, Rigel shares fell hard after the company announced its oral rheumatoid arthritis drug failed a mid-stage trial (Dow Jones Newswires 09:51 AM ET 09/17/2009

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