Rigel Pharmaceuticals appoints new board member

On March 6, 2025, Rigel Pharmaceuticals Inc. (NASDAQ:RIGL), a company specializing in pharmaceutical preparations with a market capitalization of $347 million and impressive revenue growth of 55% over the last twelve months, announced the appointment of Dr. Mark J. Frohlich to its board of directors. According to InvestingPro analysis, the company maintains a "GREAT" financial health score of 3.29, supported by strong profitability metrics and moderate debt levels. Dr. Frohlich’s tenure began immediately upon his appointment and he will hold the position until the 2027 annual stockholders’ meeting unless he resigns, is removed, or his successor is elected.

Dr. Frohlich will also serve on the Corporate Governance, Health Care Compliance Oversight and Nominating Committee, as well as the Scientific and Clinical Trial Advisory Committee. In line with Rigel’s compensation policy for non-employee directors, Dr. Frohlich will receive an annual retainer of $50,000, with additional annual retainers of $10,000 for each committee service. With the company’s stock showing remarkable momentum (+60% over the past six months) and its next earnings report scheduled for April 29, 2025, InvestingPro subscribers can access 8 additional key insights about Rigel’s performance and prospects.

Moreover, Dr. Frohlich was granted an initial option to purchase 12,000 shares of common stock under Rigel’s 2018 Equity Incentive Plan. He will also automatically receive an annual option to purchase 3,000 shares of common stock and 2,500 restricted stock units following each annual stockholders’ meeting, contingent on his continued service on the board.

Rigel confirmed that there are no familial or transactional connections between Dr. Frohlich and any of Rigel’s directors, executive officers, or nominees that would necessitate disclosure under SEC regulations. The company has also entered into a standard indemnification agreement with Dr. Frohlich. The board has determined that Dr. Frohlich meets the independence criteria as outlined by Rigel’s Corporate Governance Guidelines and applicable regulations of the Nasdaq Stock Market.

The information reported is based on a press release statement filed with the Securities and Exchange Commission on March 10, 2025. Investors seeking comprehensive analysis can access Rigel’s detailed Pro Research Report, available exclusively on InvestingPro, offering deep-dive insights into the company’s valuation, financial health, and growth prospects.

In other recent news, Rigel Pharmaceuticals reported its fourth-quarter and full-year financial results for 2024, exceeding both H.C. Wainwright’s and consensus estimates. The company achieved earnings per share of $0.80 for the fourth quarter and $0.99 for the year, surpassing projections of $0.65 and $0.84 by H.C. Wainwright, and $0.58 and $0.39 by consensus. Revenue for the fourth quarter was $57.6 million, with product revenues from Tavalisse, Rezlidhia, and Gavreto contributing significantly. Citi analysts have raised their price target for Rigel to $55, maintaining a Buy rating, and highlighting the company’s robust commercial strategy and positive cash flow projections. Meanwhile, Cantor Fitzgerald has reiterated a Neutral rating with a $20 target, reflecting their updated financial model and valuation approach. Rigel continues to advance its clinical trials, including the Phase 1b trial of R289 for lower-risk myeloid dysplastic syndrome and the Phase 2 TarGet-D trial for IDH1-mutant high-grade glioma. Additionally, Rigel Pharmaceuticals has appointed Dr. Mark W. Frohlich, an experienced oncologist, to its Board of Directors to support its hematology and oncology pipeline. H.C. Wainwright maintains a Buy rating with a $57 target, recognizing Rigel’s strong financial performance and promising pipeline developments.

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