Business
Rigel Reports Fourth Quarter and Full Year 2019 Financial Results and Provides Business Update
Fourth quarter total revenues of $15.4 million; full year total revenues of $59.3 million Fourth quarter net product sales of $13.8 million; full year net
About this update from Rigel Pharmaceuticals, Inc.
[{"type":"text","content":"Fourth quarter total revenues of $15.4 million; full year total revenues of $59.3 million\n Fourth quarter net product sales of $13.8 million; full year net product sales of $43.8 million\n Received $20.0 million payment from Grifols in first quarter 2020 for European approval of fostamatinib in adult patients with chronic ITP\n Conference call and webcast today at 4:30PM Eastern Time\n\n\nSOUTH SAN FRANCISCO, Calif., Feb. 27, 2020 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today reported financial results for the fourth quarter and full year ended December 31, 2019, 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\"We are entering 2020 with a clear plan to drive shareholder value for Rigel,\" said Raul Rodriguez, Rigel's president and CEO. \"We see substantial opportunities for TAVALISSE to meet patient needs in the growing adult chronic ITP market, particularly as an early line therapy. Utilization in these less refractory patients continues to grow with the support of ongoing physician education and data generation. To expand the range of TAVALISSE indications, we are conducting a Phase 3 trial in warm AIHA and expect to complete patient enrollment midyear. In addition, we are extremely excited about the potential of our early stage candidates and are currently exploring partnership opportunities that would enable Rigel to realize near-term value while also participating meaningfully in the upside of these programs.\" \nBusiness UpdateAt the 61st American Society of Hematology (ASH) Annual Meeting & Exposition in December 2019, the company presented post-hoc data analysis from its Phase 3 clinical program of TAVALISSE in adult patients with chronic ITP. In this analysis, 32 patients received fostamatinib as a second-line therapy, of which, 78% (25/32) achieved ≥1 platelet count of ≥50,000/µL (without rescue therapy). Adverse events were manageable and consistent with those previously reported with fostamatinib. These data highlight the potential benefit of using TAVALISSE in earlier lines of therapy.\nIn February 2020, Rigel received a $20.0 million payment from its collaborative partner Grifols, S.A. (Grifols). The payment is comprised of $17.5 milli...