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Rigel Pharmaceuticals 1st-quarter loss narrows

Tue, 05/03/2011 - 7:17am
The Associated Press

SOUTH SAN FRANCISCO, Calif. (AP) — Rigel Pharmaceuticals Inc. said Tuesday its first-quarter loss narrowed on lower costs.

The development-stage company reported a net loss of $20.8 million, or 40 cents per share, for the three months ended March 31, compared with a net loss of $22.3 million, or 43 cents per share, a year earlier.

Analysts polled by FactSet expected a loss of 37 cents per share, on average.

The company reported no contract revenue during the quarter, compared with $3.3 million a year earlier. The prior year's revenue was related to a license deal with AstraZeneca.

Operating expenses fell 19 percent to $20.9 million. The costs fell mainly on the completion of the transfer of an extension study on the rheumatoid arthritis treatment fostamatinib to partner AstraZeneca.

Rigel shares fell 36 cents, or 4 percent, to $8.74 in morning trading.

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