Common use of Financial Stability Clause in Contracts

Financial Stability. Rigel represents and warrants as of the Effective Date that it has received subsequent to October 31, 1998 cash aggregating at least $7 million from equity investment and at least $3 million from license fees and research support which, together with other cash on hand and projected cash receipts, is sufficient to meet its projected cash expenses during the next following 18 months exclusive, in each case, respectively, of cash received or to be received from Pfizer and of cash Rigel is required to expend to perform fully its obligations under the Research Program. Rigel further represents and warrants that during the Research Period it will continue to maintain sufficient financial resources to perform fully its obligations under the Research Program and will furnish to Pfizer, not earlier than January 31, 1999 or more often than annually thereafter, within sixty (60) days after receipt of Pfizer's written request therefor, reasonable evidence of sufficient financial resources to perform fully its remaining obligations under the Research Program; provided, however, the information contained in, and any information furnished pursuant to Pfizer's request under, this Section 9.2.2 is Confidential Information of Rigel and is subject to the requirements of Article 4 of this Agreement.