FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
DELEAGE JEAN
  2. Issuer Name and Ticker or Trading Symbol
RIGEL PHARMACEUTICALS INC [RIGL]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
ONE EMBARCADERO CENTER, SUITE 4050
3. Date of Earliest Transaction (Month/Day/Year)
03/24/2004
(Street)

SAN FRANCISCO, CA 94111
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/24/2004   S   7,320 D $ 20 598,316 I See Footnotes (1)
Common Stock 03/24/2004   S   167 D $ 20 13,668 I See Footnotes (2)
Common Stock               1,211,676 I See Footnotes (3)
Common Stock               44,573 I See Footnotes (4)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
DELEAGE JEAN
ONE EMBARCADERO CENTER
SUITE 4050
SAN FRANCISCO, CA 94111
  X   X    
ALTA PARTNERS
ONE EMBARCADERO CENTER
SUITE 4050
SAN FRANCISCO, CA 94111
    X    
ALTA CALIFORNIA PARTNERS LP
ONE EMBARCADERO CENTER
SUITE 4050
SAN FRANCISCO, CA 94111
    X    
ALTA EMBARCADERO PARTNERS LLC
ONE EMBARCADERO CENTER
SUITE 4050
SAN FRANCISCO, CA 94111
    X    
ALTA CALIFORNIA MANAGEMENT PARTNERS LP
ONE EMBARCADERO CENTER
SUITE 4050
SAN FRANCISCO, CA 94111
    X    
GRUENER GARRETT
ONE EMBARCADERO CENTER
SUITE 4050
SAN FRANCISCO, CA 94111
      See footnotes
NOHRA GUY P
ONE EMBARCADERO CENTER
SUITE 4050
SAN FRANCISCO, CA 94111
      See footnotes

Signatures

 Jean Deleage   03/26/2004
**Signature of Reporting Person Date

 Garrett Gruener   02/23/2004
**Signature of Reporting Person Date

 Guy Norha   02/23/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Alta California Partners, L.P. ("ACP"): Jean Deleage, Director, is a general partner ("GP") of Alta California Mgmt. Partners, L.P. ("ACMP")(which is the GP of ACP)& a managing member of Alta Embarcadero Partners, LLC ("AEP"). Alta Partners ("AP")provides investment advisory services to several venture capital funds including ACP & AEP.The respective general partners and members of ACP & AEP exercise sole voting & investment power with respect to the shares owned by the funds. Jean Deleage, Garrett Gruener & Guy Nohra are GP of ACMP, and Jean Deleage & Garrett Gruener are members of AEP (collectively known as the "principals"). As GP & members, they may be deemed to share voting & investment powers over the shares owned by the foregoing funds. The principals disclaim beneficial ownership of all such shares held by the foregoing funds, except to the extent of their proportionate pecuniary interests therein.
(2) Alta Embarcadero Partners, LLC: See footnote for Alta California Partners, L.P.on this Form 4.
(3) Alta BioPharma Partners II, L.P.("ABPII"): Jean Deleage, Director, is a managing director of Alta BioPharma Mgmt. Partners II, LLC (which is the General Partner ("GP") of ABPII)& a manager of Alta Embarcadero BioPharma Partners II, LLC ("AEBPII"). Alta Partners II, Inc. ("APII") provides investment advisory services to several venture capital funds including ABPII & AEBPII. The respective GP and managers exercise sole voting & investment powers over the shares held by the foregoing funds. Jean Deleage, Alix Marduel & Farah Champsi (collectively known as the "principals") are managing directors ("md") of ABPII & managers of AEBPII. As md & managers, they may be deemed to share voting & investment powers over the shares held by the funds. The principals disclaim beneficial ownership of all such shares held by the foregoing funds, except to the extent of their proportionate pecuniary interests therein.
(4) Alta Embarcadero BioPharma Partners II LLC: See footnote for Alta BioPharma Partners II, L.P. on this Form 4.
 
Remarks:
Cross reference with the Form 4 filed on 3/26/2004 for Alta Partners II, Inc.

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