Business
Rigel Reports First Quarter 2020 Financial Results and Provides Business Update
First quarter net product sales of $12.7 million and collaboration revenues of $43.1 million 41 patients enrolled in pivotal Phase 3 clinical trial in warm
About this update from Rigel Pharmaceuticals, Inc.
[{"type":"text","content":"First quarter net product sales of $12.7 million and collaboration revenues of $43.1 million\n 41 patients enrolled in pivotal Phase 3 clinical trial in warm AIHA\n Received $10.0 million in funding from existing credit facility\n Conference call and webcast today at 4:30PM Eastern Time\n\n\nSOUTH SAN FRANCISCO, Calif., May 5, 2020 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today reported financial results for the first quarter ended March 31, 2020, including sales of TAVALISSE® (fostamatinib disodium hexahydrate) tablets, for the treatment of adults with chronic immune thrombocytopenia (ITP) who have had an insufficient response to a previous treatment. \n\"During these extraordinary times, we continue to execute on our business strategy while maintaining our commitment to the well-being of our employees, patients, customers, and community. As the COVID-19 pandemic evolves, we will continue to monitor the impact this will have on our business and operations going forward,\" said Raul Rodriguez, Rigel's president and CEO. \"While we began to experience the impact of COVID-19 in the latter part of the first quarter, the performance of our commercial business and progress of enrollment in our warm autoimmune hemolytic anemia clinical trial give us confidence in our ability to regain momentum as the future begins to normalize. We are also exploring opportunities for our earlier stage programs and continue to believe that we can finalize a collaboration by year end. Additionally, we added $30 million to our financial position through a combination of a milestone payment from Grifols and non-dilutive funding from MidCap Financial.\" \nBusiness UpdateIn the first quarter of 2020, 1,398 bottles of TAVALISSE were shipped to patients and clinics with net product sales increasing 57% year over year to $12.7 million. During the quarter, the company experienced typical first quarter reimbursement issues such as the resetting of co-pays and the Medicare donut hole, and was also impacted negatively by the COVID-19 pandemic in the latter part of the quarter. As of March 31, a total of 591 bottles remained in its distribution channels, a decrease of 5 bottles from the previous quarter. \nResources have been deployed to enable Rigel's field-based employees to engage remotely with health care providers and their offices. These vir...