RIGEL PHARMACEUTICALS INC — Director's Dealing 2009

Jan 7, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RIGEL PHARMACEUTICALS INC (RIGL)
CIK: 0001034842
Period of Report: 2005-11-02

Reporting Person: GOWER JAMES M (Director, CEO & Board Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-11-02	Common Stock	J	297	—	Acquired	126736	Direct
2009-01-02	Common Stock	M	50000	$1.8	Acquired	180676	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-01-02	Stock Option (Right to Buy)	$1.8	M	50000	Disposed	2009-12-12	Common Stock (50000)	Direct

Footnotes

F1: The reporting person received the shares from a distribution by Alta Embarcadero BioPharma Partners II, LLC.

F2: Represents the number of shares held as of 11/02/05. Includes the following number of shares acquired under the 2000 Employee Stock Purchase Plan (the "Plan") on the following dates: 450 shares on 6/29/01; 343 shares on 12/31/01; 555 shares on 6/28/02; 53 shares on 12/31/02; 541 shares on 6/30/03; 542 shares 12/31/03; 542 shares on 6/30/04; 542 shares on 12/31/04 and 269 shares on 6/30/05.

F3: Includes the shares acquired under the Plan referenced in Footnote 2 and also the following number of shares acquired under the Plan on the following dates: 643 shares on 12/30/05; 634 shares on 6/30/06; 634 shares on 12/29/06; 488 shares on 6/29/07; 634 shares on 12/31/07 237 shares on 6/30/08 and 670 shares on 12/31/08.

F4: The option was exercised at this time due to the impending expiration of the option grant.

F5: Fully vested.