Rigel Pharmaceuticals Inc Stock Price, News & Analysis

Eli Lilly and Rigel Pharmaceuticals have announced a global exclusive license agreement to co-develop Rigel's RIPK1 inhibitor, R552, targeting autoimmune and inflammatory diseases. Lilly will make an upfront payment of $125 million and could pay up to $835 million in milestone payments, plus royalties. R552 has completed Phase 1 trials and will enter Phase 2 trials in 2021. Lilly will lead clinical development and commercialization efforts, while Rigel retains co-commercialization rights in the U.S. This partnership seeks to advance treatments in both immune and CNS disease areas.

Rigel Pharmaceuticals has received $16.5 million from the U.S. Department of Defense to support a Phase 3 clinical trial for fostamatinib in hospitalized COVID-19 patients. This funding is aimed at evaluating the drug's safety and efficacy, following data from a Phase 2 trial expected in April 2021. The trial will enroll over 300 patients and could lead to an Emergency Use Authorization for this treatment. Fostamatinib is already approved for chronic immune thrombocytopenia, indicating a repurposing of an existing drug to expedite treatment options for COVID-19.

Rigel Pharmaceuticals (Nasdaq: RIGL) announced a business update on January 11, 2021, highlighting key metrics from 2020. TAVALISSE sales increased by 41% year-over-year, reaching approximately $17.7 million in Q4 2020. The FDA granted Fast Track designation for wAIHA, and ongoing clinical trials for COVID-19 are progressing, with results expected in April. However, cash reserves decreased to $57.3 million from $98 million the previous year, raising concerns about long-term financial stability.

Rigel Pharmaceuticals (Nasdaq: RIGL) announced that CEO Raul Rodriguez will present a company overview at the 39th Annual J.P. Morgan Virtual Healthcare Conference on January 14, 2021, at 10:00 a.m. Eastern Time. The presentation will be accessible via Rigel's website. Rigel focuses on developing small molecule drugs for hematologic disorders, cancer, and rare immune diseases, with its first FDA-approved product being TAVALISSE. The company is also conducting multiple clinical trials, including studies on fostamatinib for treating COVID-19.

Rigel Pharmaceuticals (RIGL) announced that data on TAVALISSE (fostamatinib) will be showcased at the 62nd American Society of Hematology Annual Meeting from December 5-8, 2020. Key presentations include long-term safety data from over 3,500 patients with immune thrombocytopenia (ITP) and rheumatoid arthritis, showing no new safety signals. Additionally, the company will discuss results from a Phase 3 trial for warm autoimmune hemolytic anemia, where 44% of patients exhibited improved hemoglobin levels. Fostamatinib is the first SYK inhibitor approved for chronic ITP treatment.

Rigel Pharmaceuticals (Nasdaq: RIGL) and Medison Pharma announced Health Canada's approval of TAVALISSE® (fostamatinib disodium hexahydrate) for adults with chronic immune thrombocytopenia (ITP) who have not responded to other treatments. This marks a significant advancement as TAVALISSE is the only therapy targeting the underlying cause of ITP. Medison plans to launch the drug in Canada in Q1 2021, following the exclusive licensing agreement with Rigel. The approval aims to address the unmet medical need for new treatment options for ITP patients.

Rigel Pharmaceuticals (Nasdaq: RIGL) announced an agreement with the FDA regarding the final design of its pivotal Phase 3 trial for fostamatinib in warm autoimmune hemolytic anemia (AIHA). The trial will enroll approximately 90 patients, assessing durable response as the primary efficacy endpoint. As of November 5, 57 patients are enrolled across 90 sites in 22 countries. Fostamatinib, the only oral SYK inhibitor, is also approved for chronic immune thrombocytopenia and has received Orphan Drug designation for AIHA. Rigel aims to address the unmet medical need in this serious blood disorder.

Rigel Pharmaceuticals (Nasdaq: RIGL) announced that Raul Rodriguez, CEO, will present a company overview at the Jefferies Virtual London Healthcare Conference on November 17, 2020, at 12:00 p.m. Eastern Time. A live and archived webcast will be available on www.rigel.com. Rigel focuses on developing small molecule drugs for immune disorders, cancer, and rare diseases. Its FDA-approved product, TAVALISSE®, treats chronic immune thrombocytopenia. Rigel is also conducting studies for several additional conditions, including COVID-19.

Rigel Pharmaceuticals reported its Q3 2020 financial results, with total revenues of $18.4 million, a 39% increase from the previous year. Net product sales reached $16.3 million, fueled by strong sales of TAVALISSE for chronic immune thrombocytopenia. The company posted a net loss of $14.2 million, compared to a loss of $11.5 million in Q3 2019. Rigel is advancing multiple clinical trials, including Phase 3 studies for warm autoimmune hemolytic anemia and COVID-19. Cash reserves stood at $72.8 million as of September 30, 2020.