SAN DIEGO, July 31, 2017 /PRNewswire/ -- Arena
Pharmaceuticals, Inc. (NASDAQ: ARNA) today announced that
the underwriters of its previously announced underwritten
public offering of 6,250,000 shares of its common stock at a price
to the public of $24.00 per share
have exercised in full their option to purchase an additional
937,500 shares. All of the shares sold in the offering were offered
by Arena. Total gross proceeds from the offering of an
aggregate of 7,187,500 shares were $172.5
million, before deducting the underwriting discounts and
commissions and offering expenses payable by Arena. The
closing of the sale of 6,250,000 shares was completed on
July 18, 2017 and the closing of the
sale of 937,500 shares pursuant to the full exercise by the
underwriters of their option to purchase additional shares was
completed on July 28, 2017.
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 acted as joint
book-running managers for the offering. JMP Securities acted
as a co-manager for the offering.
The shares of common stock described above were 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 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 the offering
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 a Phase 2 trial 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 anticipated use of the 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
those factors disclosed in Arena's filings with the SEC, including
its 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
View original
content:http://www.prnewswire.com/news-releases/arena-pharmaceuticals-announces-full-exercise-of-underwriters-option-to-purchase-additional-shares-300496196.html
SOURCE Arena Pharmaceuticals, Inc.