SAN DIEGO, Sept. 1, 2016 /PRNewswire/ -- Arena
Pharmaceuticals, Inc. (NASDAQ: ARNA) today announced the formation
of Beacon Discovery Inc. ("Beacon"), an independent, privately-held
drug discovery incubator.
Beacon will focus on identifying and advancing molecules
targeting G-Protein Coupled Receptors (GCPRs) from concept to
clinic leveraging the strengths and capabilities developed over
close to two decades at Arena. Beacon plans to engage global
pharmaceutical partners to facilitate discovery and early stage
development.
Arena will have certain rights to compounds developed by Beacon
and will collaborate with Beacon in support of Arena's proprietary
pipeline programs as well as the Boehringer Ingelheim International
GmbH collaboration. Additionally, Arena will be entitled to
certain rights to potential cash flows generated by Beacon in the
future.
"The formation of Beacon underscores both our commitment to
transitioning Arena from a historically research-oriented
organization to a high-performing clinical development organization
and our commitment to maximizing the value of our assets," said
Amit Munshi, CEO of Arena. "We
believe that Beacon has the potential to unlock the value of
Arena's historical research platform for the long term benefit of
patients and shareholders."
Dominic P. Behan, Ph.D., D.Sc.,
Arena's co-founder, will serve as Beacon's Chief Executive Officer
and transition from being Arena's Chief Scientific Officer and a
member of its Board of Directors to become the Chairman of Arena's
Scientific Advisory Board and a consultant.
"I am grateful for the work that Dominic has delivered in his
time at Arena. As one of the co-founders of Arena, Dominic has
significantly contributed to Arena's success and we are pleased
that he will continue to participate as Chairman of the Scientific
Advisory Board," said Dr. Tina Nova,
Chairman of Arena's Board of Directors. "Dominic's knowledge of the
clinical programs at Arena will be important as we continue to
evolve our business focus."
"I believe the core clinical assets at Arena have the potential
to be first or best in class and look forward to supporting the
Arena team in optimizing the value of these clinical programs as
Chair of the Scientific Advisory Board," said Dr. Behan. "At the
same time, I am very pleased to have the opportunity to launch
Beacon and continue to build on Arena's historical research
platform."
About Arena Pharmaceuticals
We are a biopharmaceutical
company focused on developing novel, small molecule drugs across a
range of therapeutic areas. We have three primary proprietary
clinical programs: etrasimod (APD334) in Phase 2 evaluation for
ulcerative colitis, APD371 entering Phase 2 evaluation for the
treatment of pain associated with Crohn's disease, and ralinepag
(APD811) in Phase 2 evaluation for pulmonary arterial hypertension
(PAH). Additionally, 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).
Our US operations are located in San
Diego, California. Our primary clinical operations are
located in Zug, Switzerland, and
our commercial manufacturing for BELVIQ is located in Zofingen,
Switzerland.
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 the focus and plans of Beacon; the potential cash
flows generated by Beacon; the potential to unlock the value of and
build on Arena's research platform; the significance of Dr. Behan's
appointment as the Chairman of the Scientific Advisory Board and
his expected participation and contribution; Arena's transition
from a discovery research company to a clinically focused company;
Arena's core clinical assets and their potential, including in
delivering value; and Arena's focus. 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: having adequate funds and other
resources and their effective use; enrollment in the Phase 2
clinical trials is competitive and challenging, and their progress,
completion and results are uncertain; recruiting and retaining
effective management and other key employees; risks related to
commercializing drugs, including regulatory, product supply,
marketing and use; the focus, efforts and decisions of
collaborators; the entry into, modification or termination of
collaborative arrangements, and risks related to relying on such
arrangements; the timing and receipt of payments from others; the
risk that Arena's revenues are 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 lorcaserin may not
receive any additional marketing approvals; regulatory decisions in
one territory may impact other regulatory decisions and Arena's
business prospects; reimbursement and pricing decisions; 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; 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; intellectual
property rights; and satisfactory resolution of litigation or other
disagreements. 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.
Kevin R. Lind, Chief Financial
Officer
klind@arenapharm.com
858.453.7200 x1716
www.arenapharm.com
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SOURCE Arena Pharmaceuticals, Inc.