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Arena Pharmaceuticals Announces Third Quarter 2007 Financial Results
Date:10/17/2007

SAN DIEGO, Oct. 17 /PRNewswire-FirstCall/ -- Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) today reported financial results for the third quarter ended September 30, 2007.

Total revenues in the third quarter of 2007 were $5.0 million, compared to $4.4 million in the third quarter of 2006. Total revenues in the first nine months of 2007 were $14.8 million, compared to $25.9 million in the first nine months of 2006. Revenues in the first nine months of 2006 included $9.0 million from milestones received under Arena's collaborations with Ortho-McNeil Pharmaceutical, Inc. and Merck & Co., Inc. Arena reported a net loss allocable to common stockholders in the third quarter of 2007 of $32.8 million, or $0.54 per share, and a net loss allocable to common stockholders in the first nine months of 2007 of $104.4 million, or $1.71 per share. This compares with a net loss allocable to common stockholders in the third quarter of 2006 of $20.1 million, or $0.43 per share, and a net loss allocable to common stockholders in the first nine months of 2006 of $51.9 million, or $1.14 per share.

"This past quarter we achieved significant company milestones in both our lorcaserin obesity program and our APD125 insomnia program. We announced a positive month 6 independent ESMB review in our lorcaserin Phase 3 BLOOM trial and positive APD125 Phase 2 results," stated Jack Lief, Arena's President and Chief Executive Officer. "We continue to achieve the milestones we have guided to over the last few years. Through sustained focus and innovation, we continue to prove our ability to discover and develop novel therapeutics."

Research and development expenses totaled $32.2 million in the third quarter of 2007, compared to $22.7 milli
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SOURCE Arena Pharmaceuticals, Inc.
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