Navigation Links
Arena Pharmaceuticals Obtains Equity Financing Commitment of Up to $50 Million

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.

Forward-Looking Statements

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 partnered programs, and ability to develop compounds and commercialize drugs. For such statements, Arena claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Arena's expectations. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, clinical trials and studies may not proceed at the time or in the manner Arena expects or at all, the results of clinical trials or preclinical studies may not be predictive of future results, Arena's ability to receive regulatory approval for its drug candidates, Arena's ability to partner lorcaserin or other of its compounds or programs, the timing, success and cost of Arena's research, out-licensing endeavors and clinical trials, Arena's ability to obtain additional financing, Arena's ability to obtain and defend its patents and the timing and receipt of payments and fees, if any, from Arena's collaborators. Additional factors that could cause actual results to differ materially from those stated or implied by Arena's forward-looking statements are disclosed in Arena's filings with the Securities and Exchange Commission. These forward-looking statements represent Arena's judgment as of the time of this release. Arena disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.

    Contacts:  Jack Lief                                   Mary Claire Duch
               President and CEO                           WeissComm Partners
                                                           Media Relations
               David Walsey                                212.301.7228
               Senior Director, Corporate Communications

               Arena Pharmaceuticals, Inc.
               858.453.7200, ext. 1682

SOURCE Arena Pharmaceuticals, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Arena Pharmaceuticals to Present at the Bear Stearns 20th Annual Healthcare Conference
2. Arena Pharmaceuticals Continues Phase 3 BLOOM Obesity Trial Following Independent Echocardiogaphic Data Safety Monitoring Board Review
3. Arena Pharmaceuticals Continues Phase 3 BLOOM Obesity Trial Following Independent Echocardiographic Data Safety Monitoring Board Review
4. Arena Pharmaceuticals Selected to Join New NASDAQ NeuroInsights Neurotech Index
5. Arena Pharmaceuticals to Present at Two Upcoming Investor Conferences
6. Arena Pharmaceuticals to Report Third Quarter 2007 Financial Results and to Host Conference Call and Webcast on Wednesday, October 17, 2007
7. Arena Pharmaceuticals Announces Third Quarter 2007 Financial Results
8. Arena Pharmaceuticals to Present at the Acumen BioFin Rodman & Renshaw 9th Annual Healthcare Conference
9. Arena Pharmaceuticals Appoints Phillip M. Schneider and Randall E. Woods to Board of Directors
10. Arena Pharmaceuticals Initiates Second and Third Pivotal Trials Evaluating Lorcaserin for the Treatment of Obesity
11. Arena Pharmaceuticals Enters Into Strategic Agreements for the Manufacture of Pharmaceutical Material, Including Lorcaserin
Post Your Comments:
(Date:11/24/2015)... Inc., a worldwide provider of clinical research services headquartered in ... has set a new quarterly earnings record in Q3 of 2015.  ... Q3 of 2014 to Q3 of 2015.   ... the establishment of an Asia-Pacific office to ... and Mexico , with the establishment ...
(Date:11/24/2015)... Massachusetts , November 24, 2015 SHPG ... will participate in the Piper Jaffray 27 th Annual Healthcare ... Tuesday, December 1, 2015, at 8:30 a.m. EST (1:30 p.m. GMT). ... , Chief Financial Officer, will participate in the Piper Jaffray 27 ... , NY on Tuesday, December 1, 2015, at 8:30 a.m. ...
(Date:11/24/2015)... , Nov. 24, 2015  Twist Bioscience, ... that Emily Leproust, Ph.D., Twist Bioscience chief executive ... Healthcare Conference on December 1, 2015 at 3:10 ... in New York City. --> ... . Twist Bioscience is on Twitter. Sign ...
(Date:11/24/2015)... , Nov. 24, 2015 /CNW Telbec/ - ProMetic Life Sciences ... today that Mr. Pierre Laurin , President and Chief ... at the upcoming Piper Jaffray 27 th Annual Healthcare ... on December 1-2, 2015. st , at ... one-on-one meetings throughout the day. The presentation will be available ...
Breaking Biology Technology:
(Date:11/12/2015)... 11, 2015   Growing need for low-cost, ... has been paving the way for use of ... discrete analytes in clinical, agricultural, environmental, food and ... used in medical applications, however, their adoption is ... to continuous emphasis on improving product quality and ...
(Date:11/10/2015)... Nov. 10, 2015 About ... that helps to identify and verify the identity ... considered as the secure and accurate method of ... a particular individual because each individual,s signature is ... especially when dynamic signature of an individual is ...
(Date:11/4/2015)... --> --> ... Transparency Market Research "Home Security Solutions Market - Global Industry ... 2022", the global home security solutions market is expected to reach ... market is estimated to expand at a CAGR of ... Rising security needs among customers at homes, the emergence ...
Breaking Biology News(10 mins):