SAN DIEGO, April 17, 2017 /PRNewswire/ -- Arena
Pharmaceuticals, Inc. (NASDAQ: ARNA) today announced that it
intends to offer and sell, subject to market and other conditions,
shares of its common stock in an underwritten public offering.
Arena expects to grant the underwriters a 30‑day option to purchase
up to an additional 15% of the shares of common stock offered in
the public offering. All of the shares are being offered by Arena.
There can be no assurance as to whether or when the offering may be
completed, or as to the actual size or terms of the offering.
Citigroup and Leerink Partners are acting as joint book-running
managers for the offering.
The shares of common stock described above are being 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
preliminary prospectus supplement and accompanying prospectus
relating to the offering will be filed with the SEC and will be
available on the SEC's website located at http://www.sec.gov.
Copies of the preliminary prospectus supplement and the
accompanying prospectus relating to the offering, when available,
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 proposed public 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 include, but are not limited to, risks
and uncertainties associated with market conditions and the
satisfaction of customary closing conditions related to the
proposed offering. 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 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.