SAN DIEGO, Jan. 21, 2015 /PRNewswire/ -- Arena
Pharmaceuticals, Inc. (NASDAQ: ARNA) today announced that it has
sold 21,000,000 shares of common stock to Jefferies LLC and
Piper Jaffray & Co. as
underwriters for its previously announced public offering. The
underwriters offered the shares to purchasers in transactions on
The NASDAQ Global Select Market, in the over-the-counter market,
through negotiated transactions or otherwise at market prices
prevailing at the time of sale, at prices related to prevailing
market prices or at negotiated prices. The offering is expected to
close on or about January 26, 2015,
subject to customary closing conditions. In addition, Arena has
granted the underwriters a 30-day option to purchase up to an
aggregate of 3,000,000 additional shares of common stock. All of
the shares are being offered by Arena. Arena anticipates using the
net proceeds from the offering for the clinical and preclinical
development of drug candidates, for discovery research for new drug
candidates, and for general corporate purposes, including working
capital, costs associated with product sales and manufacturing
services, capital expenditures and potentially for the
commercialization of any new approved drugs.
Jefferies LLC and Piper Jaffray
& Co. are acting as joint book-running managers for the
offering.
A registration statement relating to the shares described above
was previously filed with the Securities and Exchange Commission
(SEC) and is effective. A preliminary prospectus supplement related
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
this offering, when available, may be obtained from Jefferies LLC,
Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, 12th Floor, New York,
NY 10022, by telephone at (877) 547-6340, or by e-mail at
Prospectus_Department@Jefferies.com; or Piper Jaffray &
Co., Attention: Prospectus Department, 800 Nicollet Mall, Suite
800, Minneapolis, MN 55402, by
telephone at (800) 747-3924, or by email at prospectus@pjc.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
Arena is embracing the challenge of improving health by seeking
to bring innovative medicines targeting G protein-coupled receptors
to patients. Arena's internally discovered drug, BELVIQ®
(lorcaserin HCl), is approved in the
United States, and Arena is focused on discovering,
developing and commercializing additional drugs to address unmet
medical needs. Arena's US operations are located in
San Diego, California, and its
operations outside of the United
States, including its commercial manufacturing facility, are
located in Zofingen, Switzerland.
Arena Pharmaceuticals® and Arena® are registered service marks
of Arena Pharmaceuticals, Inc. BELVIQ® is a registered trademark of
Arena Pharmaceuticals GmbH.
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
expectations with respect to the public offering; Arena's
anticipated use of proceeds from the public offering; embracing the
challenge of improving health; seeking to bring innovative
medicines to patients; and Arena's focus, plans, goals, strategy,
expectations, research and development programs, and ability to
discover and 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, the following: risks
and uncertainties related to the public offering, including those
associated with the satisfaction of customary closing conditions;
risks related to commercializing drugs, including regulatory,
manufacturing, supply and marketing issues and the availability and
use of BELVIQ; cash and revenues generated from BELVIQ, including
the impact of competition; Arena's revenues will be based in part
on estimates, judgment and accounting policies, and incorrect
estimates or disagreement regarding estimates or accounting
policies may result in changes to Arena's guidance or previously
reported results; the timing and outcome of regulatory review is
uncertain, and BELVIQ may not be approved for marketing when
expected or ever in combination with another drug, for another
indication or using a different formulation or in any other
territory for any indication; regulatory decisions in one territory
may impact other regulatory decisions and Arena's business
prospects; government and commercial reimbursement and pricing
decisions; risks related to relying on collaborative arrangements;
the timing and receipt of payments and fees, if any, from
collaborators; the entry into or modification or termination of
collaborative arrangements; unexpected or unfavorable new data;
nonclinical and clinical data is voluminous and detailed, and
regulatory agencies may interpret or weigh the importance of data
differently and reach different conclusions than Arena or others,
request additional information, have additional recommendations or
change their guidance or requirements before or after approval;
data and other information related to any of Arena's research and
development may not meet regulatory requirements or otherwise be
sufficient for (or Arena or a collaborator may not pursue) further
research and development, regulatory review or approval or
continued marketing; Arena's and third parties' intellectual
property rights; the timing, success and cost of Arena's research
and development; results of clinical trials and other studies are
subject to different interpretations and may not be predictive of
future results; clinical trials and other studies may not proceed
at the time or in the manner expected or at all; having adequate
funds; and satisfactory resolution of litigation or other
disagreements with others. 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.
Contact: Arena
Pharmaceuticals, Inc.
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Media Contact: Russo
Partners
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|
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Craig M. Audet,
Ph.D., Senior Vice President,
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David Schull,
President
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Operations & Head
of Global Regulatory Affairs
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david.schull@russopartnersllc.com
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caudet@arenapharm.com
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858.717.2310
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858.453.7200, ext.
1612
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SOURCE Arena Pharmaceuticals, Inc.