Rigel 3Q loss narrows on lower costs

Rigel Pharmaceuticals' 3rd-quarter loss narrows on lower stock, development costs

• On 7:49 am EST, Tuesday November 3, 2009

SOUTH SAN FRANCISCO, Calif. (AP) -- Rigel Pharmaceuticals Inc. said Tuesday its third-quarter loss narrowed as the development-stage biotechnology company completed two midstage studies in its rheumatoid arthritis program.

Also, stock-based compensation fell by about half during the quarter.

The company lost $26.7 million, or 70 cents per share, compared with a loss of $37.7 million, or $1.03 per share, during the same period a year prior. There was no reported revenue during either quarter and the company still does not have a product on the market.

Analysts polled by Thomson Reuters expected a loss of 58 cents per share on revenue of $3.8 million.

Operating expenses fell 31 percent to $26.7 million.

Rigel ended the quarter with cash, cash equivalents and available-for-sale securities of $156.1 million.

The company is developing treatments for rheumatoid arthritis, asthma, allergies and cancer. Partners on various programs include Serono SA, Pfizer Inc. and Merck & Co.