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Arena Pharmaceuticals Announces Second Quarter 2011 Financial Results
Date:8/9/2011

SAN DIEGO, Aug. 9, 2011 /PRNewswire/ -- Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) today reported financial results for the second quarter ended June 30, 2011.

"We view the results from the Pathology Working Group's re-adjudication and the CSF study as important steps toward our planned response to the lorcaserin complete response letter," stated Jack Lief, Arena's President and Chief Executive Officer. "We are working to complete the remaining activities in order to submit our response around year end."

Research and development expenses continued to decline in the second quarter of 2011 to $14.7 million, compared to $20.5 million in the second quarter of 2010. Research and development expenses in the first half of 2011 declined to $30.6 million from $38.8 million in the first half of 2010. This decrease is primarily attributable to Arena's 2011 workforce reduction and ongoing cost-containment efforts, as well as completion of the Phase 3 lorcaserin clinical trials. General and administrative expenses totaled $6.1 million in the second quarter of 2011, compared to $6.8 million in the second quarter of 2010, and $13.0 million in the first half of 2011, compared to $13.8 million in the first half of 2010. Arena recorded restructuring charges of $3.5 million in the first half of 2011 related to its 2011 workforce reduction.

Total interest and other expense in the first half of 2011 increased to $17.6 million, compared to $7.8 million in the first half of 2010. This increase is primarily attributable to a non-cash loss on extinguishment of debt of $10.5 million resulting from Arena's principal prepayments on its Deerfield loan of $20.0 million in January 2011 and $17.7 million in March 2011. Total interest expense of $7.9 million was recorded in the first half of 2011, compared to $9.9 million in the first half of 2010. This decrease is primarily attributable to the
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SOURCE Arena Pharmaceuticals, Inc.
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