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Rigel Announces Upcoming Presentation on Axl at the 2006 American Association of Cancer Research (AACR) Annual Meeting

SOUTH SAN FRANCISCO, Calif. - March 22, 2006

Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today announced a presentation regarding Axl kinase and its role in angiogenesis and tumor growth. The presentation will take place at the 2006 American Association for Cancer Research (AACR) annual meeting being held April 1-5, 2006, at the Washington Convention Center in Washington, D.C.

• Presentation Date: Monday, April 3, 2006
  Presentation Time: 1:00pm ET
  Abstract #2811: Multiple roles for the receptor tyrosine kinase Axl in angiogenesis and tumor formation
  Poster Session ID: Tumor Angiogenesis and the Microenvironment 3
  

About Rigel (www.rigel.com)
Rigel is a clinical-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 inflammatory/autoimmune diseases such as rheumatoid arthritis, thrombocytopenia, asthma and allergy, as well as in cancer.

This press release contains "forward-looking" statements, including statements related to the potential value of Rigel’s patent portfolio or its development programs, Rigel's plans to pursue clinical development of product candidates and the timing thereof and the potential efficacy and safety 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," “believes,” 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 Annual Report on Form 10-K for the year ended December 31, 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