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

ast 20 months in the trial, and the most advanced patients began completing the two-year trial in the first half of September 2008.

-- Completed enrollment in the Phase 2b clinical trial of APD125, Arena's internally discovered oral drug candidate intended to reduce insomnia symptoms and improve sleep maintenance and quality. This randomized, double-blind, placebo-controlled subjective study enrolled 744 patients in about 65 clinical sites in the United States.

-- Announced positive results from a multiple-ascending dose Phase 1b clinical trial of APD791 to evaluate the compound's safety, pharmacokinetics and pharmacodynamics. APD791 is Arena's internally discovered oral drug candidate intended for the treatment of arterial thrombosis and other related conditions. In the Phase 1b trial, APD791 was generally well tolerated and dose-dependent inhibition of serotonin-mediated amplification of platelet aggregation was demonstrated. APD791 was rapidly absorbed and exposures were related to dose.

Updated 2008 Financial Guidance

Arena also reported that its updated financial guidance is for year ending 2008 cash, cash equivalents and short-term investments to total approximately $115 million. This represents a decrease from Arena's previous guidance of year ending 2008 cash of approximately $160 million. The decrease is due to Arena's election to satisfy entirely in cash the notice from the holders to redeem all outstanding shares of its Series B-1 Convertible Preferred Stock and Series B-2 Convertible Preferred Stock. Arena expects to redeem such shares on November 13, 2008 for approximately $55.8 million. The decrease in cash guidance is partially offset by a decrease in planned expenses in external clinical and preclinical study fees and expenses.

Scheduled Earnings Call

Arena will host both a conference call and webcast to discuss the third quarter 2008 financial results and to provide a corporate update today, Thursday, Octobe
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SOURCE Arena Pharmaceuticals, Inc.
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