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Biotech / Medical : The thread of life -- Ignore unavailable to you. Want to Upgrade?

To: Mike McFarland who wrote (447)	11/4/2002 11:23:46 AM
From: Mike McFarland	Respond to of 1336

RIGL has gone through $29m so far this year-- at the end of the third quarter, Rigel had $36m. So they probably get bought out. Or they could sell something. Hard to get excited to buy at twice cash (ha! how things change!) but there are lots of nifty things to snip from the report, nothing looks new except perhaps the bit bolded. I'm long Rigel again, but I've not increased my exposure to the market much. Less than 15% in stocks. Decided to just put more into those lousy 4% govt bonds rather than get back into the market. Oh, also---I don't know what is up, but TGEN has been doing great! Rigel: <we believe that we have the financial resources to take us through at least the next 12 months> <we believe that we can move our first three products into phase I testing and further advance one of them into phase II, pending satisfactory phase I data> <Rigel said that it intends to file an Investigational New Drug (IND) application with the U.S. Food and Drug Administration for the company's first product, R112 for allergic rhinitis, before the end of the year. Rigel began testing of this investigational drug in Europe in September and previously reported that no significant adverse events were observed in that safety and feasibility study. <We believe we are on track to achieve our goal of having three products in the clinic by the end of 2003> <Pending results from the next phase of study of R112 for rhinitis, Rigel plans to develop this compound for use in asthma as well. In addition, Rigel is pursuing several other drug leads that have emerged from the same program that produced R112. The company intends to develop these for the treatment of autoimmune disorders such as rheumatoid arthritis. <With regard to the company's second major drug development program, Rigel is in advanced preclinical evaluation for its lead compound to treat hepatitis C. Rigel is moving ahead very aggressively with this molecule, which has been shown in the laboratory to significantly inhibit replication of multiple strains of the hepatitis C virus. For ligases, a new category of cancer target that represents Rigel's third research focus, the company is continuing to identify a large series of these enzymes as potential drug targets. Rigel believes that its ligase program is a leader in the industry, giving the company an advantage in establishing a potential drug portfolio as well as a strong intellectual property position in this emerging field.>