SOUTH SAN FRANCISCO, Calif.,
Sept. 15, 2016 /PRNewswire/
-- Rigel Pharmaceuticals (Nasdaq: RIGL) today announced plans
to build a commercial organization to support the potential launch
of fostamatinib, its oral SYK inhibitor, for the treatment of
chronic immune thrombocytopenia (ITP). The company recently
reported that fostamatinib met the primary endpoint in the first of
two identical Phase 3 studies in chronic ITP (see:
http://ir.rigel.com/phoenix.zhtml?c=120936&p=irol-newsArticle&ID=2198145).
Results of the second Phase 3 clinical study are expected in late
October or early November.
Rigel has reduced its workforce by 38%, resulting in the
elimination of 46 positions, mostly in the research area. A smaller
research department will continue Rigel's mission to identify and
develop novel small molecule therapeutics and will maintain active
programs in immunology and oncology. This reduction and refocus is
expected to provide approximately $17-20
million in savings annually going forward. Rigel is still
assessing the full charges associated with this measure including
approximately $5.7 million in
cash-related restructuring expenses, which are expected to be
recorded predominantly in the third quarter of 2016.
In addition, Donald G. Payan,
M.D, a Rigel co-founder, has retired from the board of directors
and from his position as executive vice president and president of
discovery and research. "Don has been instrumental in creating and
maintaining a prolific discovery pipeline throughout Rigel's
history, and we are grateful for all of his expertise and
contributions that have led us to this important stage," said
Raul Rodriguez, president and chief
executive officer of Rigel. "We would also like to thank the
employees who will no longer be at Rigel for their contributions
and we wish them the best in their future endeavors," he added.
Rigel also announced that Eldon C. Mayer
III will be joining Rigel as executive vice president and
chief commercial officer (CCO) to lead the launch of fostamatinib,
including the establishment and management of a commercial
organization. Most recently, Mr. Mayer successfully led
Questcor Pharmaceuticals' commercial strategy and functions, which
included a product launch into multiple indications and physician
audiences that resulted in considerable increases in Questcor's
sales revenue during his tenure. His prior experience included
various commercial management roles for Connetics Corporation,
Chiron Corporation, Alza Corporation and Schering-Plough.
"We have reached an important threshold with fostamatinib where
we need the capabilities of an experienced CCO to take fostamatinib
into its next phase, " said Raul
Rodriguez, president and chief executive officer of Rigel.
"Eldon is a proven leader whose expertise and prior success will be
integral to maximizing the potential commercial opportunity for the
product. We are looking forward to having Eldon join Rigel,
and accelerating the process toward becoming a commercial
enterprise," he added.
About Rigel (www.rigel.com)
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 fostamatinib, an oral spleen
tyrosine kinase (SYK) inhibitor, which is in Phase 3 clinical
trials for immune thrombocytopenia (ITP). Rigel reported data
from the first of two Phase 3 trials in August 2016; the second Phase 3 trial results are
expected in late October or early November
2016. The investigation of fostamatinib also includes a
Phase 2 clinical trial for 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.
This press release contains "forward-looking" statements,
including, without limitation, statements related to the timing of
the results of Rigel's second Phase 3 trial for the treatment of
ITP, expected cost savings associated with Rigel's reduction in
force and refocus, and the timing of any such savings, Rigel's
plans to become a commercial organization, and Rigel's clinical
development plans. Any statements contained in this press release
that are not statements of historical fact may be deemed to be
forward-looking statements. Words such as "planned," "will," "may,"
"expect," and similar expressions are intended to identify these
forward-looking statements. These forward-looking statements
are based on Rigel's current expectations and inherently involve
significant risks and uncertainties. Actual results and the timing
of events could differ materially from those anticipated in such
forward looking statements as a result of these risks and
uncertainties, which include, without limitation, the availability
of resources to develop Rigel's product candidates, Rigel's need
for additional capital in the future to sufficiently fund Rigel's
operations and research, the uncertain timing of completion of and
the success of clinical trials, risks associated with and Rigel's
dependence on Rigel's corporate partnerships, as well as other
risks detailed from time to time in Rigel's reports filed with
the Securities and Exchange Commission, including its
Quarterly Report on Form 10-Q for the six months
ended June 30, 2016. 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.
Contact: Raul Rodriguez
Phone: 650.624.1302
Email: invrel@rigel.com
Media Contact: Susan C. Rogers,
Rivily, Inc.
Phone: 650.430.3777
Email: susan@rivily.com
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SOURCE Rigel Pharmaceuticals, Inc.