RTTNews | Nov 15, 2021 08:51AM EST

08:51 Monday, November 15, 2021 (RTTNews.com) - Rigel Pharmaceuticals, Inc. (RIGL) announced plans to exit early-stage research and focus resources on its mid to late-stage development programs and its commercial efforts. The company will reduce its workforce by 16%, resulting in the elimination of 31 positions, primarily in the research organization.

Rigel expects that it will recognize in the fourth quarter a one-time severance-related charge, which will consist of cash severance and non-cash expense related to option modifications. The company estimates that the cash-related charge will be approximately $3.3 million. Rigel expects this measure will provide reduced operating expenses ranging from $11-$15 million annually starting in 2022.

Shares of Rigel Pharmaceuticals were up 2% in pre-market trade on Monday.

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