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Arena Pharmaceuticals Announces First Quarter 2012 Financial Results and Recent Developments
Date:5/1/2012

SAN DIEGO, May 1, 2012 /PRNewswire/ -- Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) today reported financial results for the first quarter ended March 31, 2012, and reviewed recent developments.

"Lorcaserin has the potential to provide a new treatment option for the medical management of obesity," said Jack Lief, Arena's President and Chief Executive Officer. "We are focused on preparing for the May 10 advisory committee meeting for lorcaserin, and look forward to discussing the outcome of the meeting and providing a corporate update following the meeting."

First Quarter 2012 Financial Results Research and development expenses continued to decline in the first quarter of 2012 to $14.5 million, compared to $15.9 million in the first quarter of 2011. General and administrative expenses in the first quarter of 2012 decreased to $6.4 million, compared to $6.9 million in the first quarter of 2011.

Total interest and other expense decreased to $7.0 million in the first quarter of 2012, compared to $14.7 million in the first quarter of 2011. This decrease is primarily attributable to a reduction of $8.8 million in the non-cash loss on extinguishment of debt recorded in the first quarter of 2012, compared to the first quarter of 2011. Also contributing to the decrease was a $1.7 million reduction in interest expense due to principal prepayments on Arena's Deerfield loan totaling $42.7 million between January 2011 and March 2012. These decreases were partially offset by a $2.8 million increase in non-cash losses from revaluation of derivative liabilities. Arena's net loss allocable to common stockholders in the first quarter of 2012 was $29.4 million, or $0.18 per share, compared to $42.2 million, or $0.35 per share, in the first quarter of 2011.

At March 31, 2012, cash and cash equivalents totaled $88.2 million, which includes net proceeds of $
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