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SOUTH SAN FRANCISCO, Calif. - Rigel Pharmaceuticals Inc. said Tuesday its third-quarter loss narrowed as the development-stage biotechnology company completed two midstage studies in its rheumatoid arthritis program.
Also, stock-based compensation fell by about half during the quarter.
The company lost $26.7 million, or 70 cents per share, compared with a loss of $37.7 million, or $1.03 per share, during the same period a year prior. There was no reported revenue during either quarter and the company still does not have a product on the market.
Analysts polled by Thomson Reuters expected a loss of 58 cents per share on revenue of $3.8 million.
Operating expenses fell 31 percent to $26.7 million.
Rigel ended the quarter with cash, cash equivalents and available-for-sale securities of $156.1 million.
The company is developing treatments for rheumatoid arthritis, asthma, allergies and cancer. Partners on various programs include Serono SA, Pfizer Inc. and Merck & Co.
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