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Rigel Announces Upcoming Presentation at the 14th International Inflammation Research Association (IRA) Conference

SOUTH SAN FRANCISCO, Calif. - October 05, 2006

Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today announced Elliott B. Grossbard, M.D., the company's senior vice president of medical development, will make a presentation at the 14th International Inflammation Research Association (IRA) conference being held from October 15-19, 2006 at the Hyatt Regency Chesapeake Bay in Cambridge, Maryland.

The presentation details are as follows:

Date: Thursday, October 19, 2006
Time: 9:30 a.m. Eastern Time
Oral Presentation: Preclinical and Early Clinical Development of an Oral Inhibitor of Syk Kinase
Symposium: New Drugs: Targeting Inflammation in Disease

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 file one new investigative new drug (IND) application in a significant indication 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, and asthma and allergy, as well as in cancer.

This press release contains "forward-looking" statements, including statements related to Rigel's plans with respect to clinical development of product candidates, the market opportunity for its product candidates, and expansion of its product portfolio. 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," "promising," "expects," "anticipates" 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 and the commercialization of product candidates, as well as other risks detailed from time to time in Rigel's SEC reports, including its Form 10-Q for the quarter ended June 30, 2006. 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