SAN DIEGO, July 12, 2017 /PRNewswire/ -- Arena
Pharmaceuticals, Inc. (NASDAQ: ARNA) today announced the
pricing of an underwritten public offering of 6,250,000 shares of
its common stock at a price to the public of $24.00 per share. All of the shares are
being sold by Arena. The gross proceeds from the offering are
expected to be $150.0 million, before
deducting the underwriting discounts and commissions and offering
expenses. The offering is expected to close on July 18, 2017, subject to customary closing
conditions. In addition, Arena has granted the underwriters a
30‑day option to purchase up to 937,500 additional shares of its
common stock at the public offering price, less the underwriting
discounts and commissions.
Arena anticipates using the net proceeds from the offering for
the clinical and preclinical development of drug candidates,
including its planned Phase 3 clinical trial of ralinepag for the
treatment of pulmonary arterial hypertension (PAH), for general
corporate purposes, including working capital and costs associated
with manufacturing services, and for capital expenditures.
Citigroup, Leerink Partners, Cantor Fitzgerald & Co. and UBS
Investment Bank are acting as joint book-running managers for the
offering. JMP Securities is acting as a co-manager 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 became
automatically effective on July 11, 2017. 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;
or from Cantor Fitzgerald & Co., Attention: Capital Markets,
499 Park Ave., 6th Floor, New York, New
York 10022, or by telephone at (212) 829-7122, or by email
at prospectus@cantor.com; or from UBS Securities LLC, Attention:
Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, or by telephone at (888)
827-7275.
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 Pharmaceuticals is 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) which has completed Phase 2
evaluation for pulmonary arterial hypertension (PAH), etrasimod
(APD334) in Phase 2 evaluation for multiple autoimmune indications
including ulcerative colitis (UC), and APD371 in Phase 2 evaluation
for the treatment of pain associated with Crohn's disease. In
addition, Arena has collaborations with the following
pharmaceutical companies: Eisai Co., Ltd. and Eisai Inc.
(commercial stage), Axovant Sciences (Phase 2 candidate), and
Boehringer Ingelheim International GmbH (preclinical
candidate).
Forward-Looking Statements
Certain statements in this
press release are forward-looking statements that involve a number
of risks and uncertainties. These statements may be
identified by introductory words such as "may," "expects," "plan,"
"believe," "will," "achieve," "anticipate," "would," "should,"
"subject to" or words of similar meaning, or by the fact that they
do not relate strictly to historical or current facts. Such
forward-looking statements include statements regarding Arena's
expectations with respect to its public offering, including the
anticipated closing date and Arena's anticipated use of net
proceeds from the offering. 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 public offering; and those factors
disclosed in Arena's filings with the SEC, including our Form 10-Q
for the quarter ended March 31, 2017.
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.
Corporate Contact:
Kevin R. Lind
Arena Pharmaceuticals, Inc.
Executive Vice President and
Chief Financial Officer
klind@arenapharm.com
858.210.3636
Media Contact:
Matt Middleman, M.D.
LifeSci Public Relations
matt.middleman@lifescipublicrelations.com
646.627.8384
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SOURCE Arena Pharmaceuticals, Inc.