Arena Pharmaceuticals Announces Second Quarter 2008 Financial Results and Recent and Second Quarter ...($(1.64) $(1.18) Shares used in cal...)

Shares used in calculating net

loss per share allocable

to common stockholders,

basic and diluted 73,815 60,914 73,710 60,825

Arena Pharmaceuticals, Inc.

Condensed Consolidated Balance Sheet Data

(In thousands)

June 30, December 31,

2008 2007

(unaudited) (Note)

Assets

Cash, cash equivalents and short-term

investments $272,160 $398,185

Accounts receivable 2,523 1,901

Other current assets 8,586 9,162

Land, property and equipment, net 98,312 65,940

Acquired technology and other non-current

assets 25,653 12,318

Total assets $407,234 $487,506

Liabilities and Stockholders' Equity

Accounts payable, accrued expenses and

accrued compensation $44,210 $30,058

Total deferred revenues 4,049 4,049

Total lease financing obligations and

other long-term liabilities 72,782 63,100

Redeemable convertible preferred stock 55,009 53,922

Total stockholders' equity 231,184 336,377

Total liabilities and stockholders'

equity $407,234 $487,506

Note: The Condensed Consolidated Balance Sheet Data has been derived from the audited financial statements as of that date.

Contacts: Jack Lief
'/>"/>