Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) Reports $16.3 Million In Net Product Revenue In Q3 2020

Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) has announced its Q3 2020 results, including TAVALISSE® tablet sales. The fostamatinib disodium hexahydrate tablets are for treating chronic immune thrombocytopenia (ITP) in adult patients with insufficient response to prior treatment.

Fostamatinib contributes net sales of $16.3 million

The company reported total revenue of $18.4 million in Q3 2020 comprising of $16.3 million net fostamatinib sales and $2.1 million in milestone revenues from its collaboration with Daiichi-Sankyo. Total revenue for the nine months ended September 30, 2020, was $90.2 million consisting of $43.8 million in sales revenue and $46.2 million in collaborations contract revenue.

Raul Rodriguez, the company’s CEO and the president, said that the Rigel team did an excellent job in advancing its key value drivers as the company adapted to massive changes in the current environment. In the third quarter, the company grew TAVALISSE franchise with sales growing 39% YoY to $16.3 million. Rodrigue3z also confirmed that the global Phase 3 clinical study for warm AIHA had enrolled more than 60% of its patient target. The trial has more than 90 clinical sites across 22 countries.

Rigel studying fostamatinib in COVID-19

Most importantly, exploration of the potential of fostamatinib in COVID-19 is expanding rapidly with the third phase clinical trial expected to launch this quarter. The third phase clinical study will evaluate fostamatinib’s efficacy and safety in hospitalized coronavirus patients with high-risk prognostic factors but without respiratory failure. The double-blind, placebo-controlled, multi-centre adaptive design trial will enrol more than 300 patients assigned randomly to fostamatinib and standard of care or matched placebo and SOC. Patients will receive fostamatinib orally twice per day for 14 days with a follow-up period of 60 days. The study’s primary endpoint is the number of patients that progress to critical/severe disease within four weeks.

Enrolment is currently ongoing in the second phase NIH/NHLBI and Imperial College London-sponsored trial with 9 COVID-19 patients already enrolled. The primate endpoint of the study is the cumulative occurrence of serious adverse events through four weeks. This study also includes various secondary endpoints for assessing the efficacy and clinically relevant disease course endpoints.