SOUTH SAN FRANCISCO, Calif.,
Jan. 31, 2017 /PRNewswire/ -- Rigel
Pharmaceuticals, Inc. (Nasdaq: RIGL), today announced the pricing
of its previously announced underwritten public offering of
20,000,000 shares of its common stock, offered at a price of
$2.00 per share to the public.
The gross proceeds to Rigel from this offering are expected
to be approximately $40,000,000,
before deducting underwriting discounts and commissions, and other
estimated offering expenses payable by Rigel. All of the
shares in the offering are to be sold by Rigel. The offering
is expected to close on or about February 3,
2017, subject to the satisfaction of customary closing
conditions. Rigel has granted the underwriters a 30-day
option to purchase up to an aggregate of 3,000,000 additional
shares of common stock at the public offering price, less
underwriting discounts and commissions.
Jefferies LLC, Piper Jaffray
& Co. and BMO Capital Markets Corp. are acting as joint
book-running managers for the offering. H.C. Wainwright &
Co., LLC is acting as Lead Manager for the offering.
A shelf registration statement on Form S-3 relating to the
public offering of the shares of common stock described above was
filed with the Securities and Exchange Commission (the "SEC") and
is effective. A preliminary prospectus supplement relating to
the offering has been filed with the SEC and a final prospectus
supplement relating to the offering will be filed with the SEC and
will be available on the SEC's web site at www.sec.gov.
When available, copies of the final prospectus supplement may
also be obtained from the offices of Jefferies LLC, Attention:
Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd
Floor, New York, NY 10022, or by
telephone at (877) 547-6340, or by e-mail at
Prospectus_Department@Jefferies.com, from Piper Jaffray & Co., Attention: Prospectus
Department, 800 Nicollet Mall, Minneapolis, MN 55402, or by telephone at
(800) 747-3924, or by email at prospectus@pjc.com, or from BMO
Capital Markets Corp., Attention: Equity Syndicate Department, 3
Times Square, 25th Floor, New
York, NY 10036, or by telephone at (800) 414-3627 or by
email at bmoprospectus@bmo.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Rigel Pharmaceuticals, Inc.
Rigel
Pharmaceuticals, Inc. is a clinical-stage biotechnology company
dedicated to the discovery and development of novel, targeted drugs
in the therapeutic areas of immunology, oncology and
immuno-oncology. Rigel's pioneering research focuses on signaling
pathways that are critical to disease mechanisms. The company's
current clinical programs include clinical trials of fostamatinib,
an oral spleen tyrosine kinase (SYK) inhibitor in a number of
indications. The company completed and reported results from two
Phase 3 clinical studies of fostamatinib in chronic immune
thrombocytopenia (ITP) in August and October
2016. Rigel is also conducting a Phase 2 clinical trial with
fostamatinib in autoimmune hemolytic anemia (AIHA) and a Phase 2
clinical trial for IgA nephropathy (IgAN). In addition, Rigel has
two oncology product candidates in Phase 1 development with
partners BerGenBio AS and Daiichi Sankyo.
Forward-Looking Information is Subject to Risk and
Uncertainty
Certain of the statements made in this
press release are forward looking, such as those, among others,
relating to Rigel's expectations regarding the completion of the
proposed public offering. Actual results or developments may differ
materially from those projected or implied in these forward-looking
statements. Factors that may cause such a difference include,
without limitation, risks and uncertainties related to market and
other conditions, the satisfaction of customary closing conditions
related to the proposed public offering and the impact of
general economic, industry or political conditions in the United States or internationally.
There can be no assurance that Rigel will be able to complete the
proposed public offering on the anticipated terms, or at all. You
should not place undue reliance on these forward-looking
statements, which apply only as of the date of this press release.
Additional risks and uncertainties relating to the proposed
offering, Rigel and its business can be found under the heading
"Risk Factors" in Rigel's Quarterly Report on Form 10-Q for the
quarter ended September 30, 2016 and
other filings with the SEC, and in the preliminary prospectus
supplement related to the proposed offering to be filed with the
SEC on or about the date hereof. Rigel does not undertake any
obligation to update forward-looking statements and expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in its expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statements are based.
Investor Relations Contact:
Ryan Maynard
Phone: 650.624.1284
Email: invrel@rigel.com
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SOURCE Rigel Pharmaceuticals, Inc.