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Arena Pharmaceuticals Announces First Quarter 2011 Financial Results and Recent Developments
Date:5/10/2011

SAN DIEGO, May 10, 2011 /PRNewswire/ -- Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) today reported financial results for the first quarter ended March 31, 2011, and reviewed recent developments.

"In collaboration with Eisai, we are making progress in executing activities to support the submission of our response to the FDA's complete response letter for our lorcaserin new drug application," stated Jack Lief, Arena's President and Chief Executive Officer. "We are also continuing to selectively advance our earlier-stage programs, and we look forward to announcing top-line results from our APD811 Phase 1 trial this quarter."

Research and development expenses continued to decline in the first quarter of 2011 to $15.9 million, compared to $18.3 million in the first quarter of 2010. This decrease is primarily attributable to the workforce reduction Arena initiated in January 2011 and ongoing cost-containment efforts. Arena recorded restructuring charges of $3.5 million related to the workforce reduction in the first quarter of 2011. General and administrative expenses in the first quarter of 2011 totaled $6.9 million, compared to $7.0 million in the first quarter of 2010.

Total interest and other expense increased to $14.7 million in the first quarter of 2011, compared to $6.1 million in the first quarter of 2010. This increase is primarily attributable to a non-cash loss on extinguishment of debt of $10.5 million in the first quarter of 2011 due to Arena's principal prepayments on its Deerfield loan of $20.0 million and $17.7 million in January 2011 and March 2011, respectively. Including the $10.5 million non-cash debt extinguishment charge and $3.5 million of restructuring charges, Arena's net loss allocable to common stockholders in the first quarter of 2011 was $42.2 million, or $0.35 per share, compared to $31.3 million, or $0.33 per share, in the first quarter
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SOURCE Arena Pharmaceuticals, Inc.
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