) second-quarter 2013 loss of 26 cents per share was narrower
than the Zacks Consensus Estimate of a loss of 31 cents as well
as the year-ago quarter loss of 35 cents. Lower operating costs
were primarily responsible for the narrower loss. The share count
in the second quarter of 2013 was higher than a year ago.
Rigel Pharma generated revenues of $1.4 million in the reported
quarter. Entire revenues came from the payment made by Daiichi
Sankyo to Rigel Pharma pertaining to the filing of an
investigational new drug application for an oncology candidate.
Research and development expenses came in at $19.4 million in the
second quarter of 2013, down 7.1%. General and administrative
expenses decreased 10.9% to $4.9 million in the second quarter of
2013. The reduction in operating costs was due to lower personnel
costs and a decline in share-based compensation expense
Rigel Pharma was in the news in the second quarter of 2013 with
) returning the former the rights to rheumatoid arthritis (RA)
candidate, fostamatinib. AstraZeneca arrived at the decision
based on mixed data from the OSKIRA phase III program and decided
against pursuing regulatory filings for the candidate. The OSKIRA
phase III program comprised of three phase III studies: OSKIRA-1
(n ~ 900), OSKIRA-2 (n ~ 900) and OSKIRA-3 (n ~ 320).
We remind investors that AstraZeneca was collaborating with Rigel
Pharma for the worldwide development and commercialization of
fostamatinib since Feb 2012.
Rigel Pharma currently carries a Zacks Rank #3 (Hold). At
present, companies like
Gilead Sciences, Inc.
) look attractive with both carrying a Zacks Rank #1 (Strong
ASTRAZENECA PLC (AZN): Free Stock Analysis
BIOGEN IDEC INC (BIIB): Free Stock Analysis
GILEAD SCIENCES (GILD): Free Stock Analysis
RIGEL PHARMCTCL (RIGL): Free Stock Analysis
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