Key Developments For Rigel Pharmaceuticals Inc
Rigel Pharmaceuticals Inc (RIGL.O) (Consolidated Issue listed on NASDAQ Global Market)
Rigel Pharmaceuticals, Inc. Announces Pricing Of Public Offering Of 13,000,000 Shares Of Common Stock
Rigel Pharmaceuticals, Inc. announced the pricing of an underwritten public offering of 13,000,000 shares of its common stock at a price to the public of $7.25 per share. All of the shares are being offered by Rigel. The underwriters have an option to purchase up to an additional 1,950,000 shares to cover over-allotments, if any. The offering is expected to close on September 22, 2009. Credit Suisse Securities (USA) LLC is acting as the sole book-runner for the offering, with Oppenheimer & Co. Inc. and Thomas Weisel Partners LLC acting as co-managers.
Rigel Pharmaceuticals, Inc. Announces Proposed Offering Of 6,000,000 Shares Of Common Stock
Rigel Pharmaceuticals, Inc. announced that it is offering to sell, 6,000,000 shares of its common stock pursuant to an effective shelf registration statement in an underwritten public offering. It is currently anticipated that the underwriters will be granted an over-allotment option for an additional 900,000 shares. Credit Suisse Securities (USA) LLC will be acting as the sole book-runner for the offering
Rigel Pharmaceuticals, Inc.'s R788 in TASKi3 Clinical Trial Does Not Meet Efficacy Endpoints in RA Patients Who Had Previously Failed Biologic Therapies
Rigel Pharmaceuticals, Inc. announced that in the TASKi3 Phase 2b clinical trial in rheumatoid arthritis (RA) patients who had failed to respond to at least one biologic treatment, the group treated with R788 (fostamatinib disodium) did not report significantly higher ACR 20, ACR 50, ACR 70 and DAS28 response rates than the placebo group at three months, and therefore, the trial failed to meet its efficacy endpoints. The objective components (CRP and ESR)* of these ACR scores did show a statistically significant difference; however, the subjective reported response rate components did not as compared to placebo. TASKi3 was the first clinical trial evaluating R788 in which anatomical changes in the patients' wrist and hands were evaluated using Magnetic Resonance Imaging (MRI) and scored using the RAMRIS (Rheumatoid Arthritis Magnetic Resonance Imaging Scoring) system. Those results showed improvements in the treated group versus the placebo group in the Synovitis and Osteitis scores, while the Erosion scores, known to be the slowest to change, showed no significant effect at three months. The most frequent adverse events were as expected from the earlier TASKi trials and appear to be manageable.
Rigel Pharmaceuticals, Inc.'s R788 Significantly Improves Rheumatoid Arthritis In Phase 2b Clinical Trial Expected and Manageable Safety Profile Demonstrated In TASKi2
Rigel Pharmaceuticals, Inc. announced that R788 (fostamatinib disodium) produced significant clinical improvement in rheumatoid arthritis (RA) patients in the recently completed TASKi2 Phase 2b clinical trial of 457 patients treated for up to 6 months. The groups treated with 100 mg of R788 bid (twice a day) and 150 mg qd (once a day) reported higher ACR 20, ACR 50, ACR 70 and DAS28 response rates than the placebo group. The efficacy results for the two dosing groups were comparable, although the response rates for the 100 mg bid group was uniformly greater. Consistent with the previous Phase 2a clinical trial (TASKi1), the onset of effect of R788 occurred within one week after the initiation of therapy and was maintained. The most frequent adverse events were expected based on TASKi1 and appear to be manageable. The significant, early and sustained efficacy, combined with a good safety profile, supports Rigel's plans to conduct corporate partnership discussions with respect to R788 and initiate a Phase 3 clinical program with R788 in RA in the first half of 2010 with a corporate partner.
Rigel Pharmaceuticals, Inc.'s R788 Evaluated in Phase 2 Trial in Multiple Cancers
Rigel Pharmaceuticals, Inc. announced that its oral Syk inhibitor, R788, is being evaluated in a Phase 2 clinical trial funded, designed and implemented by the National Cancer Institute (NCI), part of the U.S. National Institutes of Health. This open-label, single arm clinical trial will include patients with advanced colorectal, thyroid, non-small cell lung, hepatocellular, head and neck, or renal cell cancers who have failed to respond to at least one line of therapy. Enrolled patients will receive 200 mg of R788 twice a day and will be monitored to measure a variety of clinical responses as well as drug safety. Patients will continue to receive R788 in 28-day treatment cycles until disease progression, or patient or physician withdrawal occurs. The NCI will conduct the clinical trial, Rigel will supply study drug and will receive clinical data and trial results.
