Arena Pharmaceuticals Announces Second Quarter 2008 Financial Results and Recent and Second Quarter ...( SAN DIEGO Aug. 5 /- Arena Pharmac...)

SAN DIEGO, Aug. 5 /PRNewswire-FirstCall/ -- Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) today reported financial results for the second quarter ended June 30, 2008.

Total revenues in the second quarter of 2008 were $2.6 million, compared to $4.8 million in the second quarter of 2007, and included $2.0 million in revenue under Arena's contract manufacturing agreement with Siegfried Ltd and $0.6 million in patent reimbursements from Arena's collaborations with Merck & Co., Inc. and Ortho-McNeil Pharmaceutical, Inc. Total revenues in the first half of 2008 were $5.3 million, compared to $9.7 million in the first half of 2007. Arena reported a net loss allocable to common stockholders in the second quarter of 2008 of $65.8 million, or $0.89 per share, and a net loss allocable to common stockholders in the first half of 2008 of $120.8 million, or $1.64 per share. This compares with a net loss allocable to common stockholders in the second quarter of 2007 of $39.1 million, or $0.64 per share, and a net loss allocable to common stockholders in the first half of 2007 of $71.5 million, or $1.18 per share.

"Our commitment to generating a robust lorcaserin NDA, as part of our larger plan for discovering and developing innovative therapies, is capital intensive. However, we believe this helps increase our opportunities for success and improve returns for investors that share our mission to develop the best innovative therapies," stated Jack Lief, Arena's President and Chief Executive Officer. "We are well-positioned to continue to build on our accomplishments and achieve key milestones, including results from our pivotal BLOOM obesity trial, results from our APD125 Phase 2b insomnia trial and the advancement of our pipeline as we explore
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