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Arena Pharmaceuticals Provides Corporate Update and Reports Second Quarter 2014 Financial Results
Date:8/1/2014

"Cannabinoid Receptor Modulators," by the United States Patent and Trademark Office for APD371, an agonist of the cannabinoid receptor 2 (CB2). Arena is exploring several potential indications for APD371, including chronic pain, and is currently conducting a Phase 1 program.

Second Quarter 2014 Financial Results

  • Revenues totaled $12.8 million, including $3.5 million in net product sales of BELVIQ, of which $3.1 million represented 31.5% of Eisai's net product sales and $0.4 million related to redemptions of the 15-day free trial voucher.
  • Research and development expenses totaled $27.0 million.
  • General and administrative expenses totaled $9.1 million.
  • Gain on sale of available-for-sale securities of $33.3 million related to Arena's investment in TaiGen.
  • Net income was $7.5 million, or $0.03 per share.
  • At June 30, 2014, cash, cash equivalents and short-term investments available-for-sale totaled $219.1 million.
  • At June 30, 2014, approximately 219.8 million shares of common stock were outstanding.
  • Scheduled Conference Call and WebcastArena will host a conference call and webcast to provide a corporate update and report second quarter 2014 financial results today at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time). The conference call may be accessed by dialing 877.643.7155 for domestic callers and 914.495.8552 for international callers. Please specify to the operator that you would like to join the "Arena Pharmaceuticals' Second Quarter 2014 Financial Results Call." The conference call will be webcast live under the investor relations section of Arena's website at www.arenapharm.com and will be archived there for 30 days following the call. Please connect to Arena's website several minutes prior to the start of the broadcast to ensure adequate time for any software download that may be necessary.

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    SOURCE Arena Pharmaceuticals, Inc.
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