Biotech Values

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RIGL - selling 6 million shares ahead of next month's end of Phase 2b meeting with the FDA

http://finance.yahoo.com/news/Rigel-Pharma-to-sell-6M-apf-2660906956.html?x=0&.v=1

Rigel Pharmaceuticals to sell 6 million shares in public offering

SOUTH SAN FRANCISCO, Calif. (AP) -- Rigel Pharmaceuticals Inc. said Wednesday it plans to offer 6 million shares of the company in a public offering.

The development-stage biotechnology company said it expects to grant underwriters an option to buy an additional 900,000 shares to cover over-allotments.

Rigel did not indicate how it would use net proceeds from the sale.

Credit Suisse Securities (USA) LLC will be acting as the sole book-runner for the offering, with Oppenheimer & Co. Inc. and Thomas Weisel Partners LLC acting as co-managers.

Shares of Rigel fell 44 cents, or 5.7 percent, to $7.22 in after-hours trading following the announcement of the offering. During the regular session, the stock climbed 5 cents to close at $7.66.