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Arena Pharmaceuticals Announces Second Quarter 2009 Financial Results and Recent Developments
Date:8/3/2009

shares of its common stock at an exercise price of $5.42 per share. On or before June 17, 2011, Deerfield may make a one-time election to provide Arena with up to an additional $20.0 million under the same terms, with the additional loan also maturing in June 2013. For each additional $1.0 million in funding, Arena will issue Deerfield additional warrants for 280,000 shares of its common stock at an exercise price of $5.42 per share. Arena repaid Deerfield the first scheduled principal repayment of $10.0 million upon completion of its public offering in July.
  • Received aggregate net proceeds of $14.7 million from the sale of approximately 5.7 million shares of common stock under a $50.0 million equity financing commitment with 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 at a pre-negotiated discount to the market price.
  • Completed a reduction in Arena's US workforce of approximately 31%, or a total of approximately 130 employees.
  • 2009 Financial Guidance

    Arena reported that it expects to end 2009 with $120 million to $130 million in cash, cash equivalents and short-term investments, reflecting net proceeds from its secured loan with Deerfield and public offering of 12.5 million shares of common stock, both completed in July 2009. Arena reiterated the other components of its full year 2009 financial guidance, including external clinical and preclinical study fees and expenses of approximately $42 million to $46 million, internal research and development expenses of approximately $62 million to $66 million (including non-cash expenses of approximately $12 million), general and administrative expenses of approximately $24 million to $26 million (including non-cash expenses of approximately $3 million), and capital expenditures of approximately $5 million.<
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    SOURCE Arena Pharmaceuticals, Inc.
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