press release archive

Rigel Commences Stockholder Rights Offering

South San Francisco, CA - June 30, 2003

Rigel Pharmaceuticals, Inc. (Nasdaq: RIGLD) today announced the commencement of a stockholder rights offering. The rights offering is a distribution of non-transferable subscription rights on a pro rata basis to each Rigel stockholder as of April 29, 2003, the record date of the rights offering. Each stockholder will receive one basic subscription right to purchase 0.4508 of a share of Rigel common stock at $5.76 per share for each share owned as of the record date. If all subscription rights are not exercised, stockholders who have exercised their basic subscription right, can also subscribe to those unsubscribed rights. If all subscription rights are exercised, Rigel will issue approximately 1,763,111 shares of its common stock in the rights offering, raising gross proceeds of approximately $10 million.

The subscription rights are exercisable from June 27, 2003 until 5:00 p.m. Central Daylight time on July 25, 2003, the expiration date, unless extended by Rigel. Subscription certificates were mailed, along with a prospectus, on or about June 27, 2003, to each stockholder of record as of April 29, 2003 (other than certain stockholders who have waived their right to participate in the rights offering). Copies of the prospectus may be obtained by contacting the subscription agent, Wells Fargo Shareowner Services, at 800-468-9716.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of such rights or common stock in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Rigel
Rigel's mission is to become a source of novel, small-molecule drugs to meet large, unmet medical needs. Rigel has identified three lead product development programs: mast cell inhibition to treat immunologic diseases such as asthma/allergy and autoimmune disorders, antiviral agents to treat hepatitis C, and ligases, a new class of cancer drug targets. Rigel has begun clinical testing of its first product candidate, for allergic rhinitis, and plans to begin clinical trials of two additional drug candidates for the treatment of hepatitis C and rheumatoid arthritis within the next twelve months.

This press release contains "forward-looking" statements, including statements related to Rigel's business model, drug development programs and clinical trial plans. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as "plans," "intends" and similar expressions are intended to identify these forward-looking statements. There are a number of important factors that could cause Rigel's results to differ materially from those indicated by these forward-looking statements, including risks associated with the timing and success of clinical trials as well as the risks detailed from time to time in Rigel's SEC reports, including its Quarterly Report on Form 10-Q for the quarter ended March 31, 2003 and Annual Report on Form 10-K for the year ended December 31, 2002. Rigel does not undertake any obligation to update forward-looking statements.