Rigel Q2 2020 Earnings Report
Key Takeaways
Rigel Pharmaceuticals reported second quarter results with net product sales of $15.0 million, a 47% year-over-year increase. The company experienced a net loss of $17.6 million, or $0.10 per share. They also appointed David Santos as Chief Commercial Officer and progressed their pipeline, including a Phase 2 trial for COVID-19 pneumonia.
Net product sales reached $15.0 million, a 47% increase year-over-year.
Fostamatinib showed potential in blocking macrophage hyper-inflammatory response to serum from severe COVID-19 patients in in vitro studies.
David Santos was appointed as Chief Commercial Officer.
A Phase 2 investigator-sponsored trial was launched to evaluate fostamatinib for COVID-19 pneumonia.
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Rigel Revenue by Segment
Forward Guidance
This release contains forward-looking statements relating to the commercial success of TAVALISSE in the U.S.; the sufficiency of Rigel’s supplies of TAVALISSE; the commercialization of TAVLESSE in Europe and the timing thereof; the utility of fostamatinib in warm autoimmune hemolytic anemia (AIHA); the impact of the COVID-19 pandemic on Rigel’s results and operations; Rigel’s ability to complete enrollment in its phase 3 clinical trial for AIHA and the timing thereof; Rigel’s ability to further develop its clinical stage products; the scientific rationale for exploring use of fostamatinib to treat COVID-19 and related conditions; Rigel's plans to support Imperial College London's IST; the potential clinical benefit of fostamatinib in COVID-19 patients and the prevention of ARDS; role of SYK inhibition in potentially improving outcomes in COVID-19 patients; and Rigel's partnering efforts.