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Rigel Pharmaceuticals Announces Exercise of Over-Allotment Option
South San Francisco, CA - December 27, 2000 Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today announced that the underwriters of the company's recent initial public offering have exercised their option to purchase an additional 650,000 shares of common stock at a price of $7.00 per share to cover over-allotments. The exercise of the over-allotment option results in total gross proceeds to Rigel from its initial public offering of approximately $39.6 million. The shares were offered by an underwriter group led by Morgan Stanley Dean Witter, with Lehman Brothers and Robertson Stephens co-managing the offering. As previously announced, concurrent with the public offering, Novartis purchased 1,428,571 shares of the company's common stock through a private placement at a price of $7.00 per share, for additional gross proceeds of approximately $10.0 million.
A registration statement relating to these securities has been filed with and declared effective by the U.S. Securities and Exchange Commission. Copies of the prospectus related to the offering may be obtained from Morgan Stanley Dean Witter, 1585 Broadway, New York, NY 10036, (212) 761-4000; Lehman Brothers, Three World Financial Center, 15th floor, 200 Vesey Street, New York, NY 10285, (212) 526-7000; or Robertson Stephens, 590 Madison Avenue, 36th floor, New York, NY 10022, (212) 319-8900.
Rigel uses post-genomics combinatorial biology technology to discover novel drug targets. Post-genomics combinatorial biology technology is designed to identify molecules which play an important role in regulating a human cell's response to disease by testing a very large number of proteins in a very large number of cells to determine which proteins will change the cell's response to the disease. Rigel currently has programs in asthma/allergy, autoimmunity, transplant rejection, rheumatoid arthritis, inflammatory bowel disease, cancerous tumor growth and hepatitis C. Rigel has a collaboration with Pfizer Inc. and multi-year collaborations with Cell Genesys, Inc., Janssen Pharmaceutica N.V. and Novartis Pharma A.G. Rigel is based in South San Francisco, California.
This press release shall not constitute an offer to sell nor a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
This press release may contain forward-looking statements involve risks and uncertainties that may affect our research and development efforts, as more fully discussed in the "Risk Factors" section of our filings with the U.S. Securities and Exchange Commission. These risks and uncertainties include, but are not limited to our ability to identify and develop novel targets with this patented technology and our ability and efforts to deliver validated drug targets to collaborative partners.
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