Arena Pharmaceuticals Announces Second Quarter 2008 Financial Results and Recent and Second Quarter ...(rena previously settled in June 2006 a s...)

Cash, cash equivalents and short-term investments totaled $272.2 million at June 30, 2008. Approximately 73.9 million shares of common stock were outstanding at June 30, 2008.

Arena's Recent and Second Quarter Highlights

-- Completed BLOSSOM enrollment with 4,008 obese and overweight patients in about 95 clinical sites in the United States. BLOSSOM is a one-year, randomized, double-blind, placebo-controlled clinical trial. BLOSSOM and BLOOM comprise Arena's pivotal trial program evaluating lorcaserin's safety and efficacy for the treatment of obesity.

-- Reported positive Phase 1b clinical trial results of APD791, Arena's internally discovered oral drug candidate intended for the treatment of arterial thrombosis and other related conditions. This Phase 1b trial was a randomized, double-blind, placebo-controlled multiple-ascending dose trial in 50 healthy volunteers.

-- Dr. Thomas Roth of Henry Ford Hospital presented data from Arena's positive Phase 2a clinical trial of APD125 for the treatment of insomnia in an oral presentation at the SLEEP 2008 22nd Annual Meeting of the Associated Professional Sleep Societies. When compared to placebo, APD125 significantly improved endpoints measuring improvements in sleep maintenance without any next day impairment of cognition or coordination.

-- Initiated a Phase 2b clinical trial of APD125, Arena's internally discovered oral drug candidate intended to reduce insomnia symptoms and improve sleep maintenance and quality. This is a randomized, double-blind, placebo-controlled subjective study that is expected to enroll approximately 675 patients in about 65 clinical sites in the United States.

-- Taisho Pharmaceutical Co., Ltd. initiated a Phase 1 clinical trial of a drug candidate under a GPCR-focused partnership to develop compounds to treat psychiatric disorders. The drug candidate is a n
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