Arena Pharmaceuticals Announces Fourth Quarter and Full Year 2007 Financi... ( FDA-defined valvulopathy in patie...)

Arena Pharmaceuticals Announces Fourth Quarter and Full Year 2007 Financial Results

Date:2/27/2008

FDA-defined valvulopathy in patients treated with lorcaserin and in

the control group did not meet predetermined stopping criteria. The

review also confirmed that the rate of FDA-defined valvulopathy in the

placebo group is consistent with Arena's statistical powering

assumptions used in the design of the pivotal trial program to monitor

patients for any increased risk of developing valvulopathy.

-- Completed the sale to an affiliate of BioMed Realty Trust, Inc., or

BioMed, of three properties owned and occupied by Arena and the

assignment to BioMed of an option to purchase a fourth property

currently leased and primarily occupied by Arena. Arena received net

proceeds of $48.5 million for the properties and the purchase option.

Concurrently with the closing of the transaction, Arena leased back

the three properties sold to BioMed under leases with 20-year terms

and two consecutive options to extend such terms for five years each.

As part of the transaction, Arena also retained the option to purchase

from BioMed all the properties included in the transaction on the

10th, 15th or 20th anniversary of the execution date of the leases.

-- Completed patient enrollment in the BLOOM trial, a double-blind,

randomized and placebo-controlled trial that enrolled over

3,100 patients at approximately 100 sites in the United States.

Arena's 2008 Highlights to Date

-- Announced the initiation of a Phase 1 clinical trial of a second

generation oral niacin receptor agonist intended for the treatment of

atherosclerosis under Arena's partnership with Merck.

-- Entered into strategic cooperation agreements with Siegfried Ltd that

are primarily related to the manufacturing of lorcaserin, which is

expected to be necessary for Arena'
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Arena Pharmaceuticals Announces Fourth Quarter and Full Year 2007 Financi...( FDA-defined valvulopathy in patie...)