Exhibit 99.1

 

Rigel Announces Offering of 3,000,000 Shares of Common Stock

 

SOUTH SAN FRANCISCO, Calif. - July 11, 2005 – Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today announced that it will initiate an offering of 3,000,000 shares of common stock under an existing shelf registration statement. It is currently anticipated that the underwriters will be granted an over-allotment option for an additional 450,000 shares.

 

Credit Suisse First Boston and Lehman Brothers Inc. will be acting as joint book-runners of the offering.

 

A preliminary prospectus supplement relating to these securities will be filed with the Securities and Exchange Commission but remains subject to completion. These securities may not be sold nor may offers to buy be accepted prior to the time that the prospectus supplement and related prospectus are delivered in final form. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities.

 

Copies of the preliminary prospectus supplement and related prospectus relating to the offering may be obtained from Credit Suisse First Boston, One Madison Avenue, Prospectus Department, New York, New York 10010-3629 (Telephone number 212-325-2580) and Lehman Brothers Inc., c/o ADP Financial Services, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11717.

 

About Rigel

Rigel’s mission is to become a source of novel, small-molecule drugs to meet large, unmet medical needs. We have three product development programs: asthma/allergy, rheumatoid arthritis and cancer. Our strategy is to commence clinical trials with one lead compound each year and to develop a portfolio of product candidates for our own proprietary programs and with potential collaborative partners.

 

This press release contains “forward-looking” statements, including statements related to Rigel’s plans to complete a public offering and its strategy to commence additional clinical trials and to further develop a portfolio 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” 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2005. Rigel does not undertake any obligation to update forward-looking statements.