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Arena Pharmaceuticals Announces Fourth Quarter and Full Year 2007 Financial Results
Date:2/27/2008

SAN DIEGO, Feb. 27 /PRNewswire-FirstCall/ -- Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) today reported financial results for the fourth quarter and full year ended December 31, 2007.

Total revenues in the fourth quarter of 2007 were $4.6 million, compared to $4.7 million in the fourth quarter of 2006. Total revenues in the full year ended December 31, 2007 were $19.3 million, compared to $30.6 million in the full year ended December 31, 2006, which included a $5.0 million milestone earned under Arena's collaboration with Ortho-McNeil Pharmaceutical, Inc. and a $4.0 million milestone earned under Arena's collaboration with Merck & Co., Inc. Arena reported a net loss allocable to common stockholders in the fourth quarter of 2007 of $40.9 million, or $0.60 per share, and a net loss allocable to common stockholders in the full year ended December 31, 2007 of $145.3 million, or $2.31 per share. This compares with a net loss allocable to common stockholders in the fourth quarter of 2006 of $36.4 million, or $0.73 per share, and a net loss allocable to common stockholders in the full year ended December 31, 2006 of $88.3 million, or $1.89 per share.

"In 2007 we continued our focus on innovative R&D and achieved several important clinical milestones, including the positive lorcaserin month-six ESMB review, positive APD125 Phase 2a data and positive APD791 Phase 1a data," stated Jack Lief, Arena's President and Chief Executive Officer. "In 2008 we will continue to advance our pipeline and R&D efforts, both independently and with our partners. We look forward to the lorcaserin month-12 ESMB review in March and to achieving other important milestones in the coming months."

Research and development expenses totaled $40.7 million
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SOURCE Arena Pharmaceuticals, Inc.
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