Rigel Pharma jumps on strong Q4 revenue

Rigel Pharmaceuticals

08/03/2023 11:28

** Shares of drugmaker Rigel Pharmaceuticals Inc  RIGL.O 
surge ~39% to $2.04 premarket 
    ** Late on Tuesday, co reported Q4 revenue more than doubled
to $51.3 mln from a year earlier, helped by strong demand for
its platelet disorder therapy, Tavalisse, and increase in
collaboration revenue 
    ** Tavalisse net product sales rose to $21.9 million in Q4,
while Rigel also recorded $20 million milestone-related payment
in the quarter from partner Kissei after the therapy's approval
in Japan  
    ** Brokerage Jefferies expects 2023 sales of $93 mln from
Tavalisse and co's cancer drug, Rezlidhia, which was approved by
U.S. FDA in December last year
    ** RIGL shares have gained ~59% in the past three months 

 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))