ARNA Arena Pharmaceuticals Obtains Equity Financing Commitment of Up to $50 Million SAN DIEGO, March 23 /PRNewswire-FirstCall/ -- Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) announced today it has obtained an equity financing commitment of up to $50 milli
SAN DIEGO, March 23
/PRNewswire-FirstCall/ -- Arena Pharmaceuticals, Inc. (Nasdaq: ARNA stock)
announced today it has obtained an equity financing commitment of up to
$50 million from Azimuth Opportunity Ltd. During the
18-month term of the equity financing commitment, Arena may sell newly
issued registered shares of its common stock to Azimuth Opportunity
Ltd. at a pre-negotiated discount to the market price. Arena will
determine, at its sole discretion, the timing and amount of any sales
of its stock, subject to certain conditions. In no event may Arena sell
more than 14,838,891 shares of its common stock under this arrangement
with Azimuth Opportunity Ltd., which represents one share less than
twenty percent of Arena's currently outstanding shares.
About Arena Pharmaceuticals
Arena is a clinical-stage biopharmaceutical company focused on
discovering, developing and commercializing oral drugs in four major
therapeutic areas: cardiovascular, central nervous system, inflammatory
and metabolic diseases. Arena's most advanced drug candidate,
lorcaserin, is being investigated in a Phase 3 clinical trial program
for the treatment of obesity. Arena's broad pipeline of novel compounds
target G protein-coupled receptors, an important class of validated
drug targets, and includes compounds being evaluated independently and
with partners, including Merck & Co., Inc., and
Ortho-McNeil-Janssen Pharmaceuticals, Inc.
Arena Pharmaceuticals(R) and Arena(R) are registered service marks
of the company. 'APD' is an abbreviation for Arena Pharmaceuticals
Development.
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties. Such
forward-looking statements include statements about Arena's financing
plans, strategy, internal and partnered programs, and ability to
develop compounds and commercialize drugs. For such statements, Arena
claims the protection of the Private Securities Litigation Reform Act
of 1995. Actual events or results may differ materially from Arena's
expectations. Factors that could cause actual results to differ
materially from the forward-looking statements include, but are not
limited to, clinical trials and studies may not proceed at the time or
in the manner Arena expects or at all, the results of clinical trials
or preclinical studies may not be predictive of future results, Arena's
ability to receive regulatory approval for its drug candidates, Arena's
ability to partner lorcaserin or other of its compounds or programs,
the timing, success and cost of Arena's research, out-licensing
endeavors and clinical trials, Arena's ability to obtain additional
financing, Arena's ability to obtain and defend its patents and the
timing and receipt of payments and fees, if any, from Arena's
collaborators. Additional factors that could cause actual results to
differ materially from those stated or implied by Arena's
forward-looking statements are disclosed in Arena's filings with the
Securities and Exchange Commission. These forward-looking statements
represent Arena's judgment as of the time of this release. Arena
disclaims any intent or obligation to update these forward-looking
statements, other than as may be required under applicable law.
Contacts: Jack Lief Mary Claire Duch President and CEO WeissComm Partners Media Relations David Walsey 212.301.7228 Senior Director, Corporate Communications
Arena Pharmaceuticals, Inc. 858.453.7200, ext. 1682
