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Friday, January 25, 2008 10:12:04 AM
Rigel to Offer 4 Million Shares
Friday January 25, 10:08 am ET
Rigel Pharmaceuticals to Offer 4 Million Shares of Common Stock; Price Still Undetermined
SOUTH SAN FRANCISCO, Calif. (AP) -- Clinical-stage drug developer Rigel Pharmaceuticals Inc. said late Thursday it will offer 4 million shares of common stock.
Also, in a Securities and Exchange Commission filing, the company said it closed 2007 with about $108.3 million in cash, cash equivalents and available-for-sale securities. Rigel ended 2006 with cash, cash equivalents and available-for-sale securities of $104.5 million.
The stock offering has not been priced. Rigel said underwriters will have the option to buy 600,000 additional shares. Credit Suisse Securities LLC will be the sole book-runner for the offering.
As of Sept. 30, the company had just over 31 million shares of stock outstanding.
Shares of Rigel fell 44 cents to $25.45 in morning trading. The stock has traded between $6.64 and $31 over the past 52 weeks.
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