Rigel Pharmaceuticals Inc Stock Price, News & Analysis

Rigel Pharmaceuticals (Nasdaq: RIGL) announced top-line results from the FOCUS Phase 3 trial evaluating fostamatinib in high-risk COVID-19 patients. The trial did not meet the primary endpoint for statistical significance (p=0.0603) in days on oxygen by Day 29, though secondary endpoints favored fostamatinib, such as a 50% reduction in mortality (4 vs. 8 deaths). The safety profile matched prior results with no new issues. Rigel is considering next steps in collaboration with the U.S. Department of Defense.

Rigel Pharmaceuticals will release its third quarter 2022 financial results after market close on November 3, 2022. A conference call will follow at 4:30 PM ET to discuss the results and business updates. Investors can join the call by dialing 877-407-3088 or 201-389-0927, and a live webcast will be available on Rigel's Investor Relations website. The event will be archived for 90 days. Rigel focuses on developing small molecule drugs for hematologic disorders, cancer, and rare immune diseases.

Rigel Pharmaceuticals announced a workforce reduction of 16%, equating to 30 positions, primarily affecting development and administration. This decision follows the FDA's guidance regarding Rigel's wAIHA program, resulting in a delay in filing a supplemental New Drug Application. The workforce reduction is expected to incur a one-time severance charge of approximately $1.5 million in Q4 2022 but will reduce operating expenses by $7-$8 million annually starting in 2023. Despite these challenges, Rigel continues to pursue opportunities in its ongoing programs.

Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) announced that CFO Dean Schorno will present at the H.C. Wainwright 24th Annual Global Investment Conference on September 13, 2022, at 2:00 p.m. ET in New York City. Investors can access a live and archived webcast on Rigel's website. Rigel focuses on developing innovative small molecule drugs for hematologic disorders, cancer, and rare immune diseases, with FDA-approved TAVALISSE for immune thrombocytopenia and olutasidenib for relapsed acute myeloid leukemia among its key products. For more details, visit www.rigel.com.

Rigel Pharmaceuticals reported Q2 2022 financial results, highlighting net product sales of $18.6 million for TAVALISSE, a 9% increase year-over-year. Total revenues reached $29.8 million. The company entered a license agreement with Forma Therapeutics for olutasidenib, targeting a 2023 launch, while completing enrollment in a pivotal Phase 3 trial for COVID-19. Rigel reported a net loss of $13.5 million, with total costs rising to $42.8 million. The cash position was $89.2 million as of June 30, 2022, down from $125 million at 2021 year-end.

Rigel Pharmaceuticals and Forma Therapeutics have announced a worldwide licensing agreement for olutasidenib, a potential treatment for relapsed/refractory acute myeloid leukemia (R/R AML). The FDA has accepted Forma's New Drug Application with a PDUFA date set for February 15, 2023. Rigel will pay Forma an upfront fee of $2 million, with additional milestones potentially totaling $215.5 million. Olutasidenib showed a 33% complete remission rate in a Phase 2 trial, with an 18-month survival rate of 87% among responders. This agreement expands Rigel's oncology portfolio, enhancing its commercialization capabilities.

Rigel Pharmaceuticals (Nasdaq: RIGL) will announce its Q2 2022 financial results on August 2, 2022, after market close. Senior management will host a conference call at 4:30 PM ET to discuss results and provide a business update. Rigel specializes in developing small molecule drugs for hematologic disorders, cancer, and rare immune diseases. Its product TAVALISSE^® is the only oral SYK inhibitor approved for chronic immune thrombocytopenia. Ongoing clinical trials include treatments for autoimmune hemolytic anemia and COVID-19.

Rigel Pharmaceuticals (RIGL) announced the FORWARD Phase 3 clinical trial results for fostamatinib in treating warm autoimmune hemolytic anemia (wAIHA). The trial failed to meet the primary efficacy endpoint of durable hemoglobin response across the overall study population, with a 35.6% response rate in the fostamatinib group versus 26.7% in placebo (P=0.398). However, a post-hoc analysis revealed a favorable response in U.S., Canada, and Western Europe (P=0.03). The safety profile was consistent, with no new safety concerns reported. Rigel plans further data analysis and discussions with the FDA.

Rigel Pharmaceuticals reported first-quarter 2022 financial results, highlighting TAVALISSE® net product sales of $16.2 million and total revenues of $16.7 million. This marks a 31% increase in TAVALISSE sales compared to Q1 2021. The company is awaiting pivotal Phase 3 clinical trial results for fostamatinib in warm autoimmune hemolytic anemia (wAIHA), with topline data expected in mid-2022. However, Rigel reported a net loss of $27.4 million, or $0.16 per share, and total costs increased to $43.0 million.