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Rigel Pharmaceuticals Withdraws Initial Public Offering

South San Francisco, CA, April 13, 2000 - April 13, 2000

Rigel Pharmaceuticals, Inc. today announced that in light of current market conditions, it will not proceed with its proposed initial public offering and is withdrawing the registration statement that it filed with the Securities and Exchange Commission in February, 2000.

Rigel is a post-genomics combinatorial biology company focused on discovering novel small molecule drugs based on the Company's rapid drug target identification and validation technology, which it is using to develop a portfolio of drug candidates. Rigel has nine product development programs in immunology and cancer and has entered into collaboration agreements with Cell Genesys; Janssen Pharmaceutica, a Johnson & Johnson company; Novartis and Pfizer.


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