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Arena Pharmaceuticals, Inc. Announces Initiation of Phase 1 Clinical Trial of Drug Candidate Under Partnership with Taisho Pharmaceutical Co., Ltd.
Date:5/7/2008

SAN DIEGO, May 7 /PRNewswire-FirstCall/ -- Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) announced today that Taisho Pharmaceutical Co., Ltd. initiated a Phase 1 clinical trial of a drug candidate under a GPCR-focused partnership with Arena to develop compounds to treat psychiatric disorders. The drug candidate is a novel oral compound intended for the treatment of a common psychiatric disorder.

"We are very happy to see our long-standing partner, Taisho, effectively continue its efforts under our existing collaboration. We look forward to the Phase 1 results and the continued progress of this program," stated Jack Lief, Arena's President and Chief Executive Officer.

Under an amended agreement with Taisho, which was initially executed in May of 2000 to research a number of different GPCR targets of interest to Taisho, Taisho is responsible for development and commercialization of the drug candidate. Arena is entitled to a low single digit royalty on any product revenues received by Taisho from the sale of the drug candidate. If Taisho out-licenses the drug candidate, Arena is entitled to receive additional payments after Taisho recovers expenses associated with the research and development of the GPCR-focused projects. Arena is not entitled to any further milestone payments under the partnership.

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
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SOURCE Arena Pharmaceuticals, Inc.
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