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Arena Pharmaceuticals Announces Third Quarter 2008 Financial Results
Date:10/30/2008

SAN DIEGO, Oct. 30 /PRNewswire-FirstCall/ -- Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) today reported financial results for the third quarter ended September 30, 2008.

Arena reported a net loss allocable to common stockholders in the third quarter of 2008 of $56.2 million, or $0.76 per share, and a net loss allocable to common stockholders in the first nine months of 2008 of $177.0 million, or $2.40 per share. This compares with 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. Total revenues in the third quarter of 2008 were $1.9 million, compared to $5.0 million in the third quarter of 2007, and included $1.5 million under Arena's manufacturing services agreement with Siegfried Ltd and $0.4 million in patent reimbursements from Arena's collaborations with Merck & Co., Inc. and Ortho-McNeil Pharmaceutical, Inc. Total revenues in the first nine months of 2008 were $7.1 million, compared to $14.8 million in the first nine months of 2007.

"We continue to focus on our lorcaserin obesity program, which remains our top priority as we navigate this difficult global economic environment. To that end, we will continue efforts to conserve cash and employ appropriate actions deemed necessary to support the filing of the lorcaserin NDA," stated Jack Lief, Arena's President and Chief Executive Officer. "I'm looking forward to announcing results from BLOOM, our two-year Phase 3 pivotal trial of lorcaserin, around the end of March. I'm also looking forward to announcing results this December from the Phase 2b clinical trial of our insomnia drug candidate, APD1
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SOURCE Arena Pharmaceuticals, Inc.
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