SOUTH SAN FRANCISCO, Calif. (AP) – Rigel Pharmaceuticals Inc. said its first-quarter loss narrowed on lower costs.

The development-stage company reported a net loss of $20.8 million, or 40 cents per share, for the three months ended March 31, compared with a net loss of $22.3 million, or 43 cents per share, a year earlier.

Analysts polled by FactSet expected a loss of 37 cents per share, on average.

The company reported no contract revenue during the quarter, compared with $3.3 million a year earlier. The prior year’s revenue was related to a license deal with AstraZeneca.

Operating expenses fell 19 percent to $20.9 million. The costs fell mainly on the completion of the transfer of an extension study on the rheumatoid arthritis treatment fostamatinib to partner AstraZeneca.

Date: May 3, 2011
Source: Associated Press