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Arena Pharmaceuticals Announces First Quarter 2009 Financial Results
Date:5/11/2009

ired under applicable law.

    Contacts:  Jack Lief                           Mary Claire Duch
               President and Chief Executive       WeissComm Partners
                Officer                            Media Relations
               Cindy McGee                         212.301.7228
               Senior Communications Associate

               Arena Pharmaceuticals, Inc.
               858.453.7200, ext. 1479



                          Arena Pharmaceuticals, Inc.
               Condensed Consolidated Statements of Operations
                   (In thousands, except per share amounts)

                                               Three months ended
                                                    March 31,
                                                2009         2008
                                                  (unaudited)
    Revenues
    Manufacturing services                    $1,418       $2,019
    Collaborative agreements                   1,240          590
      Total revenues                           2,658        2,609

    Operating Expenses
    Cost of manufacturing services             1,354        2,330
    Research and development                  42,620       47,368
    General and administrative                 7,642        8,861
    Amortization of acquired
     technology and other intangibles            566          581
      Total operating expenses                52,182       59,140

    Interest and other
     income (expense), net                    (1,090)       2,066
    Net loss                                 (50,614)     (54,465)
    Dividends on redeemable
     convertible preferred stock                   -         (540)
    Net loss allocable to
     common stockholders                    $(50,614)    $(55,005)

    Net loss per share allocable to common
     stockholders, basic and diluted          $(0.68)      $(0.75)

    Shares used in calculating 
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SOURCE Arena Pharmaceuticals, Inc.
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