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Arena Pharmaceuticals Announces Second Quarter 2012 Financial Results and Recent Developments
Date:8/9/2012

SAN DIEGO, Aug. 9, 2012 /PRNewswire/ -- Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) today reported financial results for the second quarter ended June 30, 2012, and reviewed recent developments.

At June 30, 2012, cash and cash equivalents totaled $143.8 million, which does not include (i) the $20.0 million milestone payment received from Eisai Inc. subsequent to June 30 for the inclusion of the efficacy and safety data from the Phase 3 BLOOM-DM (Behavioral modification and Lorcaserin for Overweight and Obesity Management in Diabetes Mellitus) clinical trial in patients with type 2 diabetes in the US Food and Drug Administration (FDA)-approved prescribing information for BELVIQ (lorcaserin hydrochloride); (ii) $23.4 million received subsequent to June 30 from the exercise of warrants and stock options; or (iii) $65.0 million for milestone payments that Arena is eligible to receive from Eisai following US Drug Enforcement Administration (DEA) scheduling designation and delivery of BELVIQ launch supply to Eisai.

"The FDA's approval of BELVIQ in the second quarter was a significant development for obese and overweight Americans who need help losing weight," said Jack Lief, Arena's President and Chief Executive Officer. "We are focused on working with Eisai to launch BELVIQ in the United States following the completion of DEA scheduling, and expect BELVIQ to play a key role in physicians' newly expanded toolkits for the medical management of obesity. We also have marketing authorization applications under review in the European Union and Switzerland, and are in the process of prioritizing our commercial and regulatory strategy for additional markets outside of the United States."

Recent BELVIQ (lorcaserin HCl) Developments

  • Obtained FDA approval of BELVIQ as an adjunct to a reduced-calorie diet and increased physical activity for chronic weight management i
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