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

To: mopgcw who wrote (254)	5/5/2005 3:54:05 PM
From: keokalani'nui	Respond to of 566

Rigel Receives Two Milestone Payments From Daiichi Thursday May 5, 7:30 am ET Identifies and Selects Two Potent, Selective Compounds That Inhibit the Collaboration Ligase Target SOUTH SAN FRANCISCO, Calif., May 5 /PRNewswire-FirstCall/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL - News) announced that it has received two milestone payments from Daiichi Pharmaceuticals Co., Ltd., as part of their collaboration to identify a new type of oncology drug. The two compounds are potent and selective inhibitors of a specific ligase target that is the basis of the collaboration. Moving forward, Daiichi will work to advance these novel compounds into preclinical development. The research collaboration, which began in August 2002 aims to identify specific small molecule drug candidates against a ligase target that controls cancer cell proliferation through protein degradation. Throughout the past three years, the partnership has met several milestones and Daiichi's selection of two small molecule compounds marks the successful completion of a key step towards moving these compounds into development. "Rigel in collaboration with Daiichi is aggressively moving forward and delivering results," said James M. Gower, Chairman and CEO, Rigel Pharmaceuticals. "These potent and selective compounds support our belief that ubiquitin ligases may represent a promising and novel area of research for new targeted cancer drugs. We look forward to working with Daiichi as the company leverages its considerable resources to move these compounds into animal models of oncology."