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Biotech / Medical : Rigel Pharmaceuticals, Inc. (RIGL) -- Ignore unavailable to you. Want to Upgrade?

To: keokalani'nui who wrote (31)	1/31/2002 10:04:02 AM
From: tuck	Read Replies (1) \| Respond to of 566

>>SOUTH SAN FRANCISCO, Calif., Jan. 31 /PRNewswire-FirstCall/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL - news) today announced that its oncology collaboration with Johnson & Johnson Pharmaceutical Research & Development, L.L.C., has resulted in the acceptance by Johnson & Johnson Pharmaceutical Research & Development of two validated drug targets. The acceptance of the targets by Johnson & Johnson Pharmaceutical Research & Development will result in a milestone payment to Rigel. Rigel's collaboration with Johnson & Johnson Pharmaceutical Research & Development is based on the discovery of targets directed at the cell cycle, a series of biological events that each cell undergoes in order to divide. In mutated cells, the genetic ``switches'' that regulate this process are disabled, which can lead to uncontrolled cell division and proliferation (cancer). The targets selected by Johnson & Johnson Pharmaceutical Research & Development may enable the development of new agents that can alter the abnormal cell cycle regulation process or induce mutated cells to self-destruct (apoptosis). Under the agreement that began in January 1999, Johnson & Johnson Pharmaceutical Research & Development provided research funding for an exclusive, worldwide royalty-bearing license to cell cycle-based products resulting from the collaboration. In early January 2002, the companies announced that they extended the collaboration for an additional two years until December 2003.<< snip This news is not moving the stock, despite the milestone payment. Cheers, Tuck