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Arena Pharmaceuticals to Receive $100 Million from Deerfield Management
Date:6/17/2009

na with up to an additional $20 million under the same terms, with the additional funding also maturing in June 2013. For each additional $1 million in funding, Arena will issue Deerfield additional warrants for 280,000 shares of its common stock with an exercise price of $5.42 per share. All of the warrants issued pursuant to the credit facility expire on the facility's maturity date.

"We believe that safety is the single most important variable in the approval and broad usage of drugs for the diverse and growing overweight population. With thousands of patients studied chronically, lorcaserin appears unrivaled in this respect. The value of Arena, however, goes beyond this important drug candidate to the company's niacin receptor program with Merck, its diabetes program with Johnson & Johnson and its ability to discover, develop and partner additional compounds," commented Howard Furst, M.D., Partner, Deerfield Management.

Piper Jaffray & Co. served as the private placement agent to Arena on this transaction. Arena expects to file a Current Report on Form 8-K with the Securities and Exchange Commission that will contain a more detailed disclosure concerning this financing.

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 weight management. 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., a Johnson & Johnson company.

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SOURCE Arena Pharmaceuticals, Inc.
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