The news from long-suffering biotech Rigel Pharmaceuticals (Nasdaq:RIGL) just continues to get worse. Rigel has already seen AstraZeneca (NYSE: AZN)
return the rights to R788, its Syk kinase inhibitor for rheumatoid
arthritis, and with Monday's announcement of the failure of R343 in
allergic asthma, it's worth asking whether there's any real value left
in the company's Syk inhibitor program. Although the company still has a
couple of clinical trials ongoing, as well as $250 million in cash,
these shares are looking more and more like a spin of the roulette wheel
than any sort of real investment opportunity.
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