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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: Jibacoa who wrote (2571)	1/15/2001 11:25:29 PM
From: Jibacoa	Read Replies (1) \| Respond to of 52153

Rigel and Pfizer Amend Deadline Date on Option to Renew Asthma/Allergy Drug Discovery Collaboration: SOUTH SAN FRANCISCO, Calif., Jan. 15 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL - news) today announced that it and Pfizer have agreed to amend the deadline until January 25, 2001, for Pfizer to elect whether to continue their asthma/allergy research collaboration with Rigel for an additional year. Rigel Pharmaceuticals uses post-genomics combinatorial biology technology.They have programs in asthma/allergy, autoimmunity, transplant rejection, rheumatoid arthritis, inflammatory bowel disease and cancerous tumor growth. Besides the collaboration with Pfizer they have a multi-year collaborations with Cell Genesys, Janssen Pharmaceutica and Novartis. They also have collaborated with Neurocrine. So far this year the stock price has shown quite wide swings. On January 3 it opened on an up-gap that carried it to an intra-day high of 12 1/8.That was a 69% up-swing from its low of 7 3/16 on December 22. Then after an upgrade by Goldman on Jan.4 to Outperform, it started a downward move back to 7 13/16 on Jan.9 That is again about the level of the IPO last November. The company's financial position seems somewhat precarious since they reportedly lost $8.32 in the last 12 months and more than 1/2 of that was in the last quarter.They reportedly have $2.37 cash/share.Insiders hold 85% of the 35.9 million shares, which leaves a small float of 5 million shares. It seems to me we can expect more wide swings ahead. Will see what the decision from Pfizer is in 10 days. Bernard