Arena Pharmaceuticals Announces First Quarter 2009 Financi...(lopment expenses which totaled $42.6 mil...)

Date:5/11/2009

lopment expenses, which totaled $42.6 million in the first quarter of 2009, declined from $47.4 million in the first quarter of 2008. This decrease in research and development expenses is primarily attributable to decreased clinical trial costs due to the completion of clinical and preclinical studies as Arena prioritized its spending towards the completion of trials for lorcaserin. Research and development expenses are expected to continue to significantly decline throughout the year as the lorcaserin pivotal Phase 3 studies complete. Research and development expenses included $0.9 million in non-cash, share-based compensation expense in the quarter ended March 31, 2009, compared to $1.0 million in the quarter ended March 31, 2008. General and administrative expenses totaled $7.6 million in the first quarter of 2009, compared to $8.9 million in the first quarter of 2008. This decrease in general and administrative expenses is primarily attributable to decreased patent costs. General and administrative expenses in the first quarter of 2009 included $1.1 million in non-cash, share-based compensation expense, compared to $1.4 million in the first quarter of 2008.

At March 31, 2009, cash, cash equivalents and short-term investments totaled $70.3 million and approximately 74.3 million shares of common stock were outstanding.

In April 2009, Arena received aggregate net proceeds of $14.6 million from the sale of approximately 5.7 million shares under a $50.0 million equity financing commitment entered into in March 2009 with Azimuth Opportunity Ltd., or Azimuth.

Arena's First Quarter and Recent Developments

• Abstract accepted for presentation of data from BLOOM (Behavioral modification and Lorcaserin for Overweight and Obesity Management), the first of two pivotal trials evaluating the safety and efficacy of lorcaserin for weight management, at the 69th Scientific Sessions of t
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SOURCE Arena Pharmaceuticals, Inc. Copyright©2009 PR Newswire. All rights reserved

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