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Rigel Announces Presentations at American College of Allergy, Asthma and Immunology (ACAAI) Annual Meeting

SOUTH SAN FRANCISCO, Calif - October 27, 2005

Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today announced that two presentations related to its research program in rheumatoid arthritis (RA) will be made at the American College of Allergy, Asthma and Immunology (ACAAI) Annual Meeting, which is taking place November 4-9 at the Anaheim Convention Center in Anaheim, California.

Details are as follows:

• Presentation Time: Monday, November 7, 1:15 p.m. PST
  Title: An Orally Bioavailable Inhibitor of Syk Kinase (R406) Inhibits Human Basophil CD63 Expression Following Ex Vivo Fcε Receptor Stimulation


• Presentation Time: Monday, November 7, 1:30 p.m. PST
  Title: A Multiple Dose Pharmacokinetic and Pharmacodynamic Study of an Orally Bioavailable Inhibitor of Syk-Kinase (R406)

Rigel has focused its RA program on the development of oral, safe, disease modifying anti-rheumatic drugs (DMARD’s). The company’s product candidates are intended to be used early in the course of the disease to prevent the progression of major bone and cartilage destruction. R788, an oral formulation of R406, is Rigel’s lead product candidate. Phase I trial results, to date, have demonstrated that R788 was safe and well-tolerated. In preclinical studies, Rigel’s compound greatly diminished the swelling and tissue destruction associated with RA.

About Rigel (www.rigel.com)
Rigel is a late-stage drug development company that discovers and develops novel, small-molecule drugs for the treatment of inflammatory diseases, cancer and viral diseases. Our goal is to move one new product candidate for a significant indication into the clinic each year. We have achieved this goal since 2002. Our pioneering research focuses on intracellular signaling pathways and related targets that are critical to disease mechanisms. Rigel’s productivity has resulted in strategic collaborations with large pharmaceutical partners to develop and market our product candidates. We have product development programs in allergy/asthma, rheumatoid arthritis and cancer.

This press release contains "forward-looking" statements, including statements related to Rigel's plans to pursue clinical development of product candidates and the timing thereof and the potential efficacy of product candidates. 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," "expects" 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 pre-clinical studies and clinical trials, as well as other risks detailed from time to time in Rigel's SEC reports, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2005. Rigel does not undertake any obligation to update forward-looking statements.

Contact: Raul Rodriguez
Phone: 650.624.1302
Email: invrel@rigel.com

Media Contact: Carolyn Bumgardner Wang, WeissComm Partners, Inc.
Phone: 415.946.1065
Email: carolyn@weisscommpartners.com