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Arena Pharmaceuticals Announces Third Quarter 2009 Financial Results and Recent Developments
Date:11/9/2009

SAN DIEGO, Nov. 9, 2009 /PRNewswire-FirstCall/ -- Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) today reported financial results for the third quarter ended September 30, 2009.

Arena reported a lower net loss allocable to common stockholders in the third quarter of 2009 of $34.8 million, or $0.38 per share, compared to a net loss allocable to common stockholders in the third quarter of 2008 of $56.2 million, or $0.76 per share, and a net loss allocable to common stockholders in the first nine months of 2009 of $123.4 million, or $1.51 per share, compared to a net loss allocable to common stockholders in the first nine months of 2008 of $177.0 million, or $2.40 per share.

"The successful completion of the lorcaserin pivotal program in the third quarter was a critical milestone for Arena," stated Jack Lief, Arena's President and Chief Executive Officer. "The positive results were received with support and enthusiasm at The Obesity Society's annual meeting last month. Participating physicians shared with us three clear themes: the pressing need for new weight management treatments, the paramount importance of safety in treating overweight and obese patients, and that weight reduction should translate into improvements in cardiometabolic health. If approved, the unique combination of efficacy, safety and tolerability positions lorcaserin as first-line therapy."

As expected, research and development expenses declined significantly to $22.1 million in the third quarter of 2009 from $47.5 million in the third quarter of 2008. Research and development expenses declined to $89.0 million in the first nine months of 2009 from $151.0 million in the first nine months of 2008. This decrease is primarily due to the completion of the BLOOM (Behavioral modification and Lorcaserin for Overweight and Obesity Management) and BLOSSOM (Behav
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