Arena Pharmaceuticals Announces Third Quarter 2009 Financial Results and Recent De...(ioral modification and LOrcaserin Second...),Health

Date:11/9/2009

ioral modification and LOrcaserin Second Study for Obesity Management) Phase 3 clinical trials evaluating the safety and efficacy of lorcaserin for weight management, and prioritizing spending towards activities that support filing a New Drug Application, or NDA, for lorcaserin. Arena expects its research and development expenses to continue to decline this year due to completing the BLOOM and BLOSSOM clinical trials and expected cost savings from the second-quarter workforce reduction and other cost-containment measures. Research and development expenses in the first nine months of 2009 included $2.9 million in non-cash, share-based compensation expense, compared to $3.3 million in the first nine months of 2008. General and administrative expenses totaled $5.4 million in the third quarter of 2009, compared to $5.9 million in the third quarter of 2008, and $18.7 million in the first nine months of 2009, compared to $21.9 million in the first nine months of 2008. This decrease is primarily attributable to lower salary and other personnel costs resulting from the workforce reduction. General and administrative expenses in the first nine months of 2009 included $2.2 million in non-cash, share-based compensation expense, compared to $2.8 million in the first nine months of 2008.

At September 30, 2009, cash, cash equivalents and short-term investments totaled $143.5 million and approximately 92.7 million shares of common stock were outstanding.

Arena's Recent and Third Quarter Developments

• Announced positive, highly significant top-line results from the BLOSSOM trial. Lorcaserin patients achieved highly significant categorical and absolute weight loss over 52 weeks of treatment. About two-thirds (63.2%) of lorcaserin patients dosed twice daily who completed the trial according to protocol lost at least 5% of their weight, compared to 34.9% of patients on placebo, and more than one-third (35.1%) of these lorcaserin patients los
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SOURCE Arena Pharmaceuticals, Inc. Copyright©2009 PR Newswire. All rights reserved

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