SAN DIEGO, March 23 /PRNewswire-FirstCall/ -- Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) announced today it has obtained an equity financing commitment of up to $50 million from Azimuth Opportunity Ltd. During the 18-month term of the equity financing commitment, Arena may sell newly issued registered shares of its common stock to Azimuth Opportunity Ltd. at a pre-negotiated discount to the market price. Arena will determine, at its sole discretion, the timing and amount of any sales of its stock, subject to certain conditions. In no event may Arena sell more than 14,838,891 shares of its common stock under this arrangement with Azimuth Opportunity Ltd., which represents one share less than twenty percent of Arena's currently outstanding shares.
About Arena Pharmaceuticals
Arena is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing oral drugs in four major therapeutic areas: cardiovascular, central nervous system, inflammatory and metabolic diseases. Arena's most advanced drug candidate, lorcaserin, is being investigated in a Phase 3 clinical trial program for the treatment of obesity. Arena's broad pipeline of novel compounds target G protein-coupled receptors, an important class of validated drug targets, and includes compounds being evaluated independently and with partners, including Merck & Co., Inc., and Ortho-McNeil-Janssen Pharmaceuticals, Inc.
Arena Pharmaceuticals(R) and Arena(R) are registered service marks of the company. "APD" is an abbreviation for Arena Pharmaceuticals Development.
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements include statements about Arena's financing plans, strategy, internal and pa
|SOURCE Arena Pharmaceuticals, Inc.|
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