SAN DIEGO, April 21, 2017 /PRNewswire/ -- Arena
Pharmaceuticals, Inc. (NASDAQ: ARNA) today announced the
completion of its previously announced underwritten public offering
of 69,000,000 shares of its common stock, including 9,000,000
shares sold pursuant to the full exercise of an option previously
granted to the underwriters. All of the shares were sold at a
price to the public of $1.15 per
share. Including the option exercise, the aggregate gross
proceeds from the offering were approximately $79.4 million, before deducting the underwriting
discounts and commissions and offering expenses payable by
Arena. All of the shares were offered by Arena. Arena
anticipates using the net proceeds from the offering for clinical
and preclinical development of drug candidates, for general
corporate purposes, including working capital and costs associated
with manufacturing services, and for capital expenditures.
Citigroup and Leerink Partners acted as joint book-running
managers for the offering.
The shares of common stock described above were offered by Arena
pursuant to a shelf registration statement filed by Arena with the
Securities and Exchange Commission (SEC) that was declared
effective on July 5, 2016. A final
prospectus supplement and accompanying prospectus relating to the
offering has been filed with the SEC and is available on the SEC's
website located at http://www.sec.gov. Copies of the final
prospectus supplement and the accompanying prospectus relating to
the offering may be obtained from Citigroup Global Markets Inc.,
c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, or by
telephone at (800) 831-9146; or from Leerink Partners LLC,
Attention: Syndicate Department, One Federal Street, 37th Floor,
Boston, MA 02110, or by telephone
at (800) 808-7525 ext. 6132, or by email at
syndicate@leerink.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Arena Pharmaceuticals
We are a biopharmaceutical company focused on developing novel,
small molecule drugs with optimized receptor pharmacology designed
to deliver broad clinical utility across multiple therapeutic
areas. Our proprietary pipeline includes potentially first- or
best-in-class programs for which we own global commercial
rights. Our three most advanced investigational clinical
programs are ralinepag (APD811) in Phase 2 evaluation for pulmonary
arterial hypertension (PAH), etrasimod (APD334) in Phase 2
evaluation for multiple autoimmune indications, and APD371 in Phase
2 evaluation for the treatment of pain associated with Crohn's
disease. In addition, we have collaborations with the following
pharmaceutical companies: Eisai Co., Ltd. and Eisai Inc.
(commercial stage), Axovant Sciences Ltd. (Phase 2 candidate), and
Boehringer Ingelheim International GmbH (preclinical
candidate).
Forward-Looking Statements
Certain statements contained in this press release are
forward-looking statements that involve a number of risks and
uncertainties. Such forward-looking statements include,
without limitation, statements about Arena's expectations with
respect to its anticipated use of the net proceeds from the
offering. Words such as "will", "expect", "may," "goal,"
"potential" and similar expressions are intended to identify
forward-looking statements, though not all forward-looking
statements necessarily contain these identifying words. 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 are disclosed in Arena's filings with the SEC, including
Arena's Annual Report on Form 10-K for the year ended December 31, 2016. These forward-looking
statements represent our judgment as of the time of this press
release. Arena disclaims any intent or obligation to update these
forward-looking statements, other than as may be required under
applicable law.
Company Contact:
Arena Pharmaceuticals,
Inc.
Kevin R. Lind, Chief Financial
Officer
klind@arenapharm.com
858.210.3636
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SOURCE Arena Pharmaceuticals, Inc.