SAN DIEGO, April 17, 2017 /PRNewswire/ -- Arena
Pharmaceuticals, Inc. (NASDAQ: ARNA) today announced the
pricing of an underwritten public offering of 60,000,000 shares of
its common stock, offered at a price to the public of $1.15 per share. The gross proceeds from
the offering are expected to be $69.0
million, before deducting the underwriting discounts and
commissions and offering expenses payable by Arena. Arena has
granted the underwriters a 30‑day option to purchase up to
9,000,000 additional shares of common stock. All of the shares are
being offered by Arena. The offering is expected to close on
April 21, 2017, subject to customary
closing conditions. 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 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 final
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 final
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 the completion, timing and size of the public offering;
the expected gross proceeds from the offering; and Arena's
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 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
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/arena-pharmaceuticals-announces-pricing-of-public-offering-of-common-stock-300440622.html
SOURCE Arena Pharmaceuticals, Inc.