Arena Pharmaceuticals Announces First Quarter 2008 Financi...(osts related to the Phase 3clinical prog...)

Date:5/7/2008

osts related to the Phase 3 clinical program for lorcaserin hydrochloride, Arena's drug candidate for the treatment of obesity. Research and development expenses included $1.0 million in non-cash, share-based compensation expense in each of the quarters ended March 31, 2008 and 2007. General and administrative expenses totaled $8.9 million in the first quarter of 2008, compared to $4.9 million in the first quarter of 2007. This increase in general and administrative expenses is primarily attributable to increases in patent costs and personnel-related expenses. Total patent costs, including patent costs related to partnered programs, increased by $1.7 million in the first quarter of 2008 compared to the first quarter of 2007. General and administrative expenses in the first quarter of 2008 included $1.4 million in non-cash, share-based compensation expense, compared to $0.9 million in the first quarter of 2007.

Cash, cash equivalents and short-term investments totaled $333.6 million at March 31, 2008. Approximately 73.8 million shares of common stock were outstanding at March 31, 2008.

Arena's First Quarter Highlights

o Initiated a Phase 2b clinical trial of APD125, an oral drug candidate

intended to reduce insomnia symptoms and improve sleep maintenance and

quality. This Phase 2b trial is a double-blind, randomized,

placebo-controlled subjective study that is expected to enroll

approximately 675 patients in about 70 clinical sites in the United

States.

o Reported that, following a planned review by an independent

Echocardiographic Safety Monitoring Board, or ESMB, Arena is continuing

BLOOM, a pivotal clinical trial evaluating the efficacy and safety of

lorcaserin for the treatment of obesity. The ESMB's review of unblinded

echocardiographic data performed after all patients had the opportunity

to complete 12 months of dosing in the trial confirmed that d
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SOURCE Arena Pharmaceuticals, Inc. Copyright©2008 PR Newswire. All rights reserved

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