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Arena Pharmaceuticals Announces First Quarter 2008 Financial Results
Date:5/7/2008

t of payments and fees, if any, from Arena's collaborators, and Arena's ability to redeem with common stock any outstanding shares of its series B convertible preferred stock. Additional factors that could cause actual results to differ materially from those stated or implied by Arena's forward-looking statements are disclosed in Arena's filings with the Securities and Exchange Commission. These forward-looking statements represent Arena's judgment as of the time of this release. Arena disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.

Contacts: Jack Lief Mary Claire Duch

President and CEO WeissComm Partners

Media Relations

David Walsey 212.301.7228

Director, Corporate Communications

Arena Pharmaceuticals, Inc.

858.453.7200, ext. 1682

Arena Pharmaceuticals, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

Three months ended March 31,

2008 2007

(unaudited)

Revenues

Contract manufacturing $2,019 $ -

Collaborative agreements 590 4,911

Total revenues 2,609 4,911

Operating Expenses

Cost of contract manufacturing 2,330 -

Research and development 47,565 35,755

General and administrative 8,861 4,923

Amortization of acquired technology 3
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SOURCE Arena Pharmaceuticals, Inc.
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