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Why Rigel Pharma Stock Falling In Pre-market?

Rigel Pharmaceuticals, Inc. (RIGL) reported top-line efficacy and safety data from the FORWARD phase 3 trial, a placebo-controlled trial of fostamatinib in patients with warm autoimmune hemolytic anemia. The trial did not show statistical significance in the primary efficacy endpoint of durable hemoglobin response in the overall study population.

Rigel said it plans to continue analyzing the data to understand the geographical differences in patient disease characteristics and outcomes and discuss these findings with the FDA.

"While we are disappointed in the overall results, which were impacted by a large placebo response rate from Eastern European clinical sites, we are encouraged by the top-line results from the U.S., Canada, Australia, and Western Europe," said Raul Rodriguez, CEO of Rigel Pharmaceuticals.

Shares of Rigel Pharmaceuticals were down 48% in pre-market trade on Wednesday.

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