FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF 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 *
  Maynard Ryan D
 2. Date of Event Requiring Statement (Month/Day/Year)
06/01/2006		 3. Issuer Name and Ticker or Trading Symbol
RIGEL PHARMACEUTICALS INC [RIGL]
(Last)
(First)
(Middle)
RIGEL PHARMACEUTICALS, INC., 1180 VETERANS BLVD.		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
VP Finance, Acting CFO
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

SOUTH SAN FRANCISCO, CA 94306-2155		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy)   (1) 08/02/2006 Common Stock 1,000 $ 9.2 D  
Stock Option (Right to Buy)   (2) 07/18/2013 Common Stock 7,504 $ 8.15 D  
Stock Option (Right to Buy)   (3) 01/26/2014 Common Stock 11,895 $ 23 D  
Stock Option (Right to Buy)   (4) 09/28/2015 Common Stock 60,000 $ 23.32 D  
Stock Option (Right to Buy)   (5) 01/18/2016 Common Stock 4,600 $ 7.88 D  
Stock Option (Right to Buy)   (6) 05/30/2016 Common Stock 90,000 $ 10.2 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Maynard Ryan D
RIGEL PHARMACEUTICALS, INC.
1180 VETERANS BLVD.
SOUTH SAN FRANCISCO, CA 94306-2155		       VP Finance, Acting CFO  

Signatures

/s/ Dolly Vance (Attorney-in-Fact) 06/02/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(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) The option became exercisable as to 889 shares on 1/28/04 and as to an additional 889 shares on 7/28/04. The remaining 2,666 shares have vested in equal monthly installments from 7/28/04 and will continue to vest until fully vested on 7/28/06. The original opotion grant was for 4,444 shares and 3,444 shares have been exercised.
(2) The shares vest monthly over four (4) years from 7/18/03. The original grant was for 18,009 shares and 10,505 shares have been exercised.
(3) The shares vest monthly over four (4) years from 1/1/04.
(4) The shares vest monthly over four (4) years from 10/01/05.
(5) The shares vest monthly over one (1) year from 1/01/06.
(6) The shares vest monthly over four (4) years from 6/01/06.

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