Business
Rigel Reports Second Quarter 2020 Financial Results, Provides Business Update, and Overviews COVID-19 Program
Second quarter net product sales of $15.0 million, a year-over-year increase of 47% University of Amsterdam in vitro studies showed fostamatinib blocked
About this update from Rigel Pharmaceuticals, Inc.
[{"type":"text","content":"Second quarter net product sales of $15.0 million, a year-over-year increase of 47%\n University of Amsterdam in vitro studies showed fostamatinib blocked macrophage hyper-inflammatory response to serum from severe COVID-19 patients\n Appointed 30-year industry veteran David Santos as Chief Commercial Officer\n Conference call and webcast today at 4:30PM Eastern Time\n\n\nSOUTH SAN FRANCISCO, Calif., Aug. 4, 2020 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today reported financial results for the second quarter ended June 30, 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 the second quarter we achieved significant progress across all aspects of our business, despite the challenges resulting from the COVID-19 pandemic,\" said Raul Rodriguez, Rigel's president and CEO. \"Sales of TAVALISSE increased during the quarter and in July, the product became available in initial European markets. We continued to advance our pipeline, most recently with the launch of an investigator-sponsored trial in COVID-19 pneumonia. We believe there is clear scientific rationale to explore the potential of SYK-inhibition to treat these patients and possibly prevent severe respiratory conditions resulting from COVID-19. We will continue to pursue opportunities to expand these efforts.\" \nCOVID-19 Program HighlightsRigel announced a Phase 2 investigator-sponsored trial (IST) with Imperial College London to evaluate the efficacy of fostamatinib for the treatment of COVID-19 pneumonia. The IST is a two-stage, open label, controlled clinical trial with patients randomized (1:1:1) to fostamatinib, ruxolitinib, or standard of care. Treatment will be administered twice daily for 14 days and patients will receive a follow-up assessment at day 14 and day 28 after the first dose. The primary objective will be to determine the efficacy of fostamatinib and the efficacy of ruxolitinib compared to standard of care to reduce the proportion of hospitalized patients progressing from mild or moderate to severe COVID-19 pneumonia. Rigel will provide support for this trial along with Novartis.\nRecent in vitro studies led by the Amsterdam University Medical Center at the University ...