Arena Pharmaceuticals Announces Fourth Quarter and Full Year 2007 Financi... (s planned New Drug Application su...)

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Arena Pharmaceuticals Announces Fourth Quarter and Full Year 2007 Financial Results

Date:2/27/2008

s planned New Drug Application

submission to the FDA and for commercialization of lorcaserin after

regulatory marketing approval. The agreements included a long-term

supply agreement for Arena's purchase of lorcaserin active

pharmaceutical ingredient, or API, the purchase of certain finishing

facility assets and technology, including fixtures, equipment, other

personal property and real estate assets, a contract manufacturing

agreement whereby Arena will manufacture certain products for

Siegfried, and a services agreement.

-- Reported positive Phase 1a clinical trial results of APD791, Arena's

oral, internally discovered drug candidate intended for the treatment

and prevention of arterial thromboembolic diseases, and initiated a

Phase 1b clinical trial to further evaluate this drug candidate.

-- Announced that initial clinical trial results for APD668, an oral drug

candidate discovered by Arena and investigated for the treatment of

type 2 diabetes under its partnership with Ortho-McNeil, suggest that

the Glucose-Dependent Insulinotropic Receptor, or GDIR, may improve

glucose control in patients with type 2 diabetes. Based on the data

from those studies, Ortho-McNeil put APD668 on hold and has advanced a

potentially more potent Arena-discovered GDIR agonist into preclinical

development.

Outlook for 2008

Arena expects to use cash, cash equivalents and short-term investments of approximately $190 to $210 million for its operating activities in 2008 and approximately $38 to $44 million for capital expenditures, which includes the cash payable at closing for the acquisition from Siegfried Ltd of a drug product finishing facility and related assets, which closed in January 2008. This assumes that Arena, and not a partner, continues to advance and fund its planned 20
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Arena Pharmaceuticals Announces Fourth Quarter and Full Year 2007 Financi...(s planned New Drug Application su...)